KONTAN.CO.ID – JAKARTA. Two subsidiaries of PT Golden Energy Mines Tbk (GEMS), namely PT Borneo Indobara and PT Barasentosa Lestari, have secured loans from Indonesia Eximbank/Indonesia Export Financing Agency (LPEI). Both GEMS subsidiaries obtained loans with a total limit of US$ 7.5 million.

On Monday (19/2), the Indonesia Export Financing Agency and Borneo Indobara signed Credit Agreement Number No. 12 dated February 19, 2024. The type of loan facility obtained is working capital credit, with a maximum loan limit equivalent to US$ 5 million.

The term of this loan is 12 months. Borneo Indobara will use this loan as additional working capital.

Then, Barasentosa Lestari signed Credit Agreement Number No. 13 dated February 19, 2024, where Barasentosa Lestari received a working capital credit facility with a maximum limit equivalent to US$ 2.5 million.

The term of this loan is 12 months. Barasentosa Lestari will use this loan as additional working capital.

GEMS Corporate Secretary Sudin Sudirman stated this loan can support the growth and operational performance of GEMS.

"This loan strengthens GEMS' financial condition due to the additional working capital facility, and has a positive impact on the sustainability of GEMS' business," Sudin wrote in an information disclosure at the Indonesia Stock Exchange, on Wednesday (21/2).

This mining issuer affiliated with the Sinarmas Group is targeting an increase in coal production performance in 2024. This year GEMS is targeting a production of 50 million tons of coal.

For comparison, GEMS' coal production reached 46 million tons throughout 2023. This achievement exceeded the set target of 40 million tons. This year, GEMS has prepared capital expenditure of US$ 60 million, up from last year which was only US$ 46 million.

Editor: Syamsul Azhar