Developing Nickel Downstream, PT Ceria Metalindo Indotama Signs Syndicated Agreement With Banking

Minister of Energy and Mineral Resources Arifin Tasrif. (Photo: Doc. Antara)

JAKARTA - PT Ceria Metalindo Prima, a subsidiary of PT Ceria Nugraha Indotama (CNI) signed a Syndicated Credit Agreement for a Term Loan Facility for RKEF 1x72 MVA Laterite Nickel Ore Processing with Bank Sulselbar, Bank bjb, and Bank Mandiri.

President Director of PT CNI, Derian Sakmiwata, said that this agreement had been carried out previously on March 24.

"Since obtaining the Mining Business Permit (IUP), we have been intensely exploring to find out more about what we can develop," he said in his remarks, Wednesday, April 6.

With the development studies carried out, continued Derian, PT Ceria Metalindo Prima will build 4 RKEF lines of 72 MVA with a total annual production of 252.000 ferrous nickel at 22 percent grade.

"The total investment is USD 2.2 billion. Of course, we will build all of this in stages starting with what is on our agenda today," he said.

He continued, when this project is running it will absorb as many as 5000 workers.

Present on the same occasion, Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif appreciated the cooperation and synergy carried out by PT CMP and the national banking system. He said that until now there are 57 stagnant downstream projects that must be completed immediately. The project is classified as a relaxation project, so it has a time limit.

"So far, we have always lost opportunities to get added value because of funding and technology problems, so we always sell raw materials," he said.

He has also communicated with the President Director of Mandiri to carry out a syndication program so that the stalled project can run again.

"There are still 12 more smelters that we have to push. They consist of 8 nickel smelters, 3 bauxite smelters, and 1 manganese smelter," said Arifin.