Indonesia Miner
Welcome to Indonesia Miner
Home / Directory / List News / Detail News

Establishing a copper smelter, MDKA to grant a facility of USD 50 million

www.idnfinancials.com

Mon 01 Aug 2022, 18:27 PM

Share

Events

PT Merdeka Copper Gold Tbk (MDKA), a mining company under PT Saratoga Investama Sedaya Tbk (SRTG), has signed a financing facility agreement in order to support the copper smelting plant managed by one of its subsidiaries.

Said facility agreement was signed along with PT Merdeka Tsingshan Indonesia (MTI), the subsidiary in question, which is indirectly owned by MDKA through PT Batutua Pelita Investama (BPI). Until May 10, 2022, BPI is listed as the owner of 80% of MTI.

The financing facility provided by MDKA for MTI amounts to USD 50 million. Both companies also agree to set the interest rate of this facility to LIBOR+5% per year. Then, the agreement will last for five years.

As mentioned in the information disclosure in Indonesia Stock Exchange (IDX), the credit facility given by MDKA will be utilised to fund MTI’s copper smelting facility project. It includes all processes, such as design, procurement, construction, and expansion. “It is to manufacture coppers that are ready for export,” the management stated.

For the record, this financing facility is categorised as an affiliate transaction as regulated by the Financial Services Authority (OJK). On top of being the shareholder of MTI, some of MDKA’s directors also take office as director and commissioners of MTI.

Source: https://www.idnfinancials.com/news/43858/establishing-copper-smelter-mdka-grant-facility

Image source: www.idnfinancials.com

Source Link: https://www.idnfinancials.com/news/43858/establishing-copper-smelter-mdka-grant-facility

Advertisement

Relate News

News
10 Mar 2022, 09:12 AM

Indonesia in talks with coal buyers looking to replace Russian supplies

www.mining-technology.com
3582 Views
News
21 Jan 2025, 17:05 PM

Indonesia Joins BRICS: Major Advantages for the Indonesian Mining Industry

CNBC
1458 Views
News
03 Nov 2022, 10:00 AM

RMK Energy (RMKE) Budgets IDR 350 Billion to Build Hauling Road

industri.kontan.co.id
3330 Views
News
11 Oct 2023, 09:00 AM

Merdeka Copper's Revenue Increases 52.32%

www.neraca.co.id
3285 Views
Hello! We would like to talk to you.Please fill the details below to start chatting with us.