Jakarta. Golden Eagle Energy, the coal mining unit of the Rajawali Corpora conglomerate, has secured $36 million in loans from Bank Permata to fund expansion and acquire a coal mining company.
The company said in a statement on Thursday that the funds would be channeled to International Prima Coal, a Golden Eagle Energy subsidiary, in three tranches.
The loans are in the form of an overdraft loan for $1.5 million, $9.5 million for pre-shipment financing and business management, and a term loan of $25 million.
“As stated in the loan agreement, one of the guarantees is a warranty from the company that is given in accordance with the shares at the International Prima Coal,” the company said in the statement.
Golden Eagle teamed up earlier this year with listed miner Bukit Asam to invest $50 million for a 34.7 percent share in Tabalong Prima Resources and Mitra Hasrat Bersama — coal mining and mining infrastructure companies.
Golden Eagle Energy’s president director Hendra Surya said the company aimed to acquire 100 percent of Tabalong Prima and Mitra Hasrat within six or nine months.
He said the current slump in coal prices made it a good time for the company to make investments.
“A cheap price is our opportunity. The acquisition is in line with the company’s vision to be a leading and integrated mining company,” he said.
Investor Daily
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