15 Banking Institutions Ready to Fund Freeport Smelters
10:09 AM
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PT Freeport Indonesia revealed 15 domestic and foreign banking institutions were interested in financing the construction of a smelter in Gresik, East Java. The investment of a smelter with a capacity of 2 million tons of copper concentrate is around US $ 2.7-3 billion. The loan portfolio is targeted to reach US $ 3 billion in August.
Tony Wenas
Freeport Indonesia Managing Director Tony Wenas said that the kick off meeting with 15 banking institutions was carried out after the Hari Raya holiday. He did not specify which banks were interested in funding the smelter project. But he called domestic banks interested in, among others, state-owned banks. Then banks from overseas include Japan, France and Britain.
"From these 15 banks, we will see how many are interested in funding," Tony said at the breaking fast with the Editorial Leadership Forum in Jakarta.
Tony said that banking institutions are interested in financing because they see Freeport as a corporation. Not counting the smelter project. Because the project is not economically feasible. This is because the value added of copper concentrate has reached 95%. To process the concentrate into copper cathode the value added is only 5%. While investment to add 5% reached US $ 2.8 billion.
"We are committed to building a smelter even though this project is not profitable," he said.
In the same place, Deputy Managing Director of Freeport Orias Petrus Moedak added, the amount of the loan is expected to be able to finance the entire project. He is optimistic that the disbursement of the funds will be obtained in August. But he could not disclose the tenor of the loan because it was still being simulated.
"We don't have a loan now. Balance sheet clean, "he said.
Orias said, funding from this banking institution must get approval from shareholders in this case PT Inalum (Persero). The request will be submitted after obtaining the certainty of the banking institution that will finance it. He believes that shareholders will approve because the loan scheme does not need to inject funds to finance smelters. But he said that shareholders still contribute to the payment of interest on loans.
"The loan is US $ 3 billion from a banking syndicate. Not one bank, "he said.
Tony further said, the construction of the smelter took place in accordance with the draft submitted to the government. He explained that the overall progress of the project reached 3.86%. The realization is almost 100% of the periodic plan submitted to the government. The progress of the project is in the form of land compaction and removing water in the soil. Then, in parallel, the erection is carried out while waiting for other land readiness to be gradually fixed.
"US$ 122 million has been spent. Then there is no reason to back down, "he said.
He said the smelter had a side product in the form of sulfuric acid which would be purchased by the fertilizer industry. There are already several industries that are interested in buying sulfuric acid.
"We have had discussions with Petrokimia Gresik. If they don't want to, there are other companies that will buy, "he said without specifying the company in question.
Construction of the smelter is in accordance with the mandate of Law No. 4 of 2009 concerning Mineral and Coal Mining (Minerba) which requires mining companies to purify to increase the added value of mining products. Processing is carried out in the country so as to provide economic added value for the country, environmental management, and welfare of the local community.
IN INDONESIA
15 Lembaga Perbankan Siap Danai Smelter Freeport
PT Freeport Indonesia mengungkapkan 15 lembaga perbankan dalam dan luar negeri tertarik membiaya pembangunan smelter di Gresik, Jawa Timur. lnvestasi smelter berkapasitas 2 juta ton konsentrat tembaga itu sekitar US$ 2,7-3 miliar. Adapun kucuran dana pinjaman yang ditargetkan mencapai US$ 3 miliar pada Agustus nanti.
Direktur Utama Freeport Indonesia Tony Wenas mengatakan kick off meeting dengan 15 lembaga perbankan itu dilakukan setelah libur Hari Raya nanti. Dia tidak merinci bank apa saja yang tertarik mendanai proyek smelter. Namun dia menyebut bank dalam negeri yang tertarik antara lain bank milik pemerintah. Kemudian bank dari luar negeri itu antara lain berasal dari Jepang, Prancis, serta Inggris.
“Dari 15 bank ini kita lihat nanti berapa banyak yang tertarik membiayai,” kata Tony dalam acara berbuka puasa dengan Forum Pimpinan Redaksi di Jakarta.
Tony mengungkapkan lembaga perbankan tertarik membiayai lantaran melihat Freeport sebagai korporasi. Bukan memperhitungkan proyek smelternya. Pasalnya proyek ini secara kajian tidak ekonomis. Hal ini lantaran nilai tambah konsentrat tembaga sudah mencapai 95%. Untuk mengolah konsentrat tersebut menjadi tembaga katoda nilai tambahnya hanya 5%. Sementara investasi untuk menambah 5% tersebut mencapai US$ 2,8 miliar.
“Kami berkomitmen membangun smelter meski proyek ini tidak menguntungkan,” ujarnya.
Di tempat yang sama, Wakil Direktur Utama Freeport Orias Petrus Moedak menambahkan, besaran pinjaman yang diharapkan nantinya dapat membiayai seluruh proyek. Dia optimistis pencairan dana tersebut bakal diperoleh pada Agustus nanti. Namun dia belum bisa membeberkan tenor pinjaman tersebut lantaran masih disimulasikan.
“Kami tidak punya pinjaman sekarang. Balance sheet clean,” ujarnya.
Orias menuturkan, pendanaan dari lembaga perbankan ini harus mendapat persetujuan dari pemegang saham dalam hal ini PT Inalum (persero). Permohonan itu akan disampaikan setelah mendapatkan kepastian lembaga perbankan yang akan membiayai. Dia menyakini pemegang saham akan menyetujui lantaran dengan skema pinjaman itu tidak perlu menyuntikkan dana untuk pembiayaan smelter. Namun dia menyebut pemegang saham tetap andil dalam pembayaran bunga pinjaman.
“Pinjaman US$ 3 miliar itu dari sindikasi perbankan. Tidak satu bank,” ujarnya.
Lebih lanjut Tony mengungkapkan, pembangunan smelter berlangsung sesuai dengan rancangan yang disampaikan ke pemerintah. Dia menerangkan
kemajuan proyek secara keseluruhan mencapai 3,86%. Realisasi itu hampir 100% dari rancangan periodik yang disampaikan ke pemerintah. Adapun progres proyek berupa pemadatan lahan serta mengeluarkan air-air yang di dalam tanah. Kemudian secara paralel juga dilakukan pemancangan sambil menunggu kesiapan lahan yang lainnya secara bertahap akan fix.
“US$122juta sudah dibelanjakan. Maka tidak ada alasan untuk mundur,” ujarnya.
Dia menyebut smelter ini memiliki produk samping berupa asam sulfat yang akan dibeli oleh industri pupuk. Sudah ada beberapa industri yang tertarik untuk membeli asam sulfat tersebut.
“Kami sudah ada pembicaraan dengan Petrokimia Gresik. Kalau mareka tidak mau, ada perusahaan lain yang akan membeli,” ujarnya tanpa merinci perusahaan yang dimaksud.
Pembangunan smelter itu sesuai dengan amanat Undang-Undang No. 4 Tahun 2009 tentang Pertambangan Mineral dan Batubara (Minerba) yang mewajibkan perusahaan pertambangan melakukan pemurnian untuk meningkatkan nilai tambah produk pertambangan. Pengolahan tersebut dilakukan di dalam negeri agar memberikan nilai tambah ekonomi bagi negara, pengelolaan lingkungan, dan kesejahteraan masyarakat setempat.
Investor Daily, Page-9, Wednesday, May 29, 2019
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