Active Mixed AidData Chinese Aid

ICBC Indonesia contributes $25 million to syndicated loan to develop Seruyung and Bakan gold mines

$25M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	PT J Resources Nusantara (JRN)
Country	Indonesia
Start Date	Jan 01, 2013
End Date	May 26, 2033
Duration	7,450 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`66397`

Grant Description

ICBC contributions to USD 275 million syndicated loan facility for Seruyung and Bakan gold mines On November 14, 2013, PT J Resources Nusantara — a gold mining project company and subsidiary of PT. J Resources Asia Pacific.

Tbk — signed a $275 million syndicated loan agreement with five banks to repay its debts, develop mining sites, and boost production. ICBC Indonesia contributed $25 million and acted as a Mandated Lead Arranger and Book Runner.

Indonesia Eximbank contributed $110 million; Qatar National Bank S.A.Q. contributed $50 million; PT Bank QNB Kesawan contrived $25 million; PT Bank Permata contributed $65 million. The loan facility consisted of Facility A of $200 million, Facility B of $50 million, and Facility C of $25 million. The final maturity date of the loan is December 30, 2017.

📋 Loan / Grant Terms

💰 Loan Amountcarried a 4-year maturity and an interest rate of LIBOR plus a 6% margin on or prior to December 31

📅 Maturity4 years

As of December 31, 2013, total loan drawdowns by PT J Resources Nusantara amounted to $240 million. The commitments from ICBC to each individual facility are unclear.

Roughly 60% of the loan proceeds were to be used by PT J Resources Nusantara to develop gold mining sites and boost production, while the other 40 percent of the loan proceeds were to be used by PT J Resources Nusantara to repay debts.

Part of the loan proceeds were to be used to support mining activities at the Penjom gold mine in Pahang, Malaysia, and develop new gold mining sites and facilities in Seruyung within East Kalimantan Province (exact locational coordinates: 4° 0' 31" N, 117° 14' 27" E) and in Bakan within North Sulawesi Province (exact locational coordinates: 0° 34' 19" N, 124° 18' 42" E).

The Bakan gold mine achieved initial production in December 2013 and the Seruyung gold mine achieved initial production in January 2014.

📋 Staff Comments

1. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

Annual Report 2013
J Resources set to double gold output
J Resources (PSAB) Raih Pinjaman US$275 Juta, 2013 Laporan Tahunan Annual Report
PT J Resources Asia Pasifik Tbk Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.