NNT Secures Loan to Expand Indonesian Project

16 June 2011 (Last Updated June 16th, 2011 18:30)

Indonesian firm PT Newmont Nusa Tenggara (NNT) has secured a $600m credit facility to fund its expansion plan at its Batu Hijau gold and copper mine in West Nusa Tenggara, Indonesia. NNT has received the loan from a syndicate of 16 banks led by Bank Mandiri, France's BNP Paribas and Ja

Indonesian firm PT Newmont Nusa Tenggara (NNT) has secured a $600m credit facility to fund its expansion plan at its Batu Hijau gold and copper mine in West Nusa Tenggara, Indonesia.

NNT has received the loan from a syndicate of 16 banks led by Bank Mandiri, France's BNP Paribas and Japan's Sumitomo Mitsui Banking Corporation (SMBC), reports Jakarta Post.

The amount will be used to complete the sixth phase of development at Batu Hijau mine and to commence operations at the Elang mine, which is located 60km from Batu Hijau.

Bank Mandiri deputy president and director Riswinandi said the Indonesian mining sector was an attractive sector for banks to finance as it consists of abundant unexploited natural resources such as coal, gold and nickel.