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ZINC obtains a USD 96 million loan facility from Bank Mandiri

30 June 2021 10:27

JAKARTA - PT Kapuas Prima Coal Tbk (ZINC), a listed base metal producer in Indonesia, obtained a loan facility worth a total of USD 96 million from PT Bank Mandiri Tbk (BMRI).

In addition to spurring production of iron ore, galena, and other minerals, ZINC hopes that the completion target of one of its smelters can be completed in the second half of 2021 in line with the downstream program launched by the Indonesian Government.

ZINC's Director of Business Development Evelyn Kioe stated "We are proud to announce the success of the USD 96 million credit agreement where the use is for part of the Company's working capital of USD 34.35 million and USD 61.65 million for capital expenditures (capex)."

A total of USD 36.65 million capex was allocated for the purchase of heavy equipment and investment in mining infrastructure to increase production capacity. Meanwhile, USD 25 million was allocated to complete ZINC's smelter. Apart from the term loan, ZINC also received an additional non-cash loan facility of USD 14 million. (LM)

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