Freeport Confirms Loan Scheme for Smelters
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PT Freeport Indonesia and the banking sector are in talks about the loan structure related to funding the construction of a copper concentrate (smelter) purification facility.
The smelter in Gresik, East Java
The smelter project located in Gresik, East Java, requires funding of around US $ 2.7 to 3 billion. Loan funds targeted can be disbursed in August. Freeport Indonesia Managing Director Tony Wenas said as many as 15 banks were interested in financing smelter projects from within and outside the country.
"This is discussed with the bank, what is the amount, about what the structure looks like. what format What kind of instrument, "Tony said in Jakarta.
Tony Wenas
Tony revealed that banking institutions are interested in financing because they see Freeport as a corporation, not taking into account 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.
"But we are committed to building a smelter even though this project is not profitable," he said.
Orias Petrus Moedak
Previously, Deputy Managing Director of Freeport Orias Petrus Moedak revealed that the amount of the loan is expected to be able to finance the entire project. He is optimistic that the funding will be obtained in August. However, he has not been able to disclose the tenor of the loan because it is still being simulated.
"We don't have a loan now. Balance sheet clean, "he said.
PT Inalum (Persero)
Orias said that funding from this banking institution must be approved by 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.
Construction 2020
The progress of the Freeport smelter currently reaches 3.86% based on the evaluation of the Ministry of Energy and Mineral Resources in February 2019. The realization is almost 100% of the periodic plan submitted to the government. According to Tony, the percentage will increase rapidly when construction begins.
"The progress continues, the last is 3.86%. But the curve is like this. It's initially small, "he said.
The progress of the project is compaction of land and removing all water in the soil. Then, in parallel, the erection is carried out while waiting for other land readiness to be gradually fixed. "It's compacted. It must be ensured that the land is solid, "he said.
The construction of the smelter construction is targeted to begin in early 2020. Tony hopes that the development will be in line with the target. "(Construction in early 2020) Yes, about that. (Target) 5 years after IUPK, "he said.
Previously, Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan confirmed that his party would continue to monitor the development of the smelter.
"Monitored every 6 months. If there is no process (smelter) then we do not give export permits, "he added.
It was noted in one of the points of the agreement to transfer 51% of PT Freeport Indonesia's shares to the Indonesian government, Freeport was required to build a smelter. Later the smelter has an input capacity of 2 million dry metric tons (dmt) of Cu concentrate per year and an output capacity of 460,000 copper cathodes.
IN INDONESIA
Freeport Pastikan Skema Pinjaman untuk Smelter
PT Freeport Indonesia dan pihak perbankan sedang melakukan pembicaraan mengenai struktur pinjaman terkait pendanaan pembangunan fasilitas pemurnian konsentrat tembaga (smelter). Proyek smelter yang berlokasi di Gresik, Jawa Timur itu membutunkan pendanaan sekitar US$ 2,7- 3 miliar. Dana pinjaman yang ditargetkan bisa cair pada Agustus mendatang.
Direktur Utama Freeport Indonesia Tony Wenas mengatakan sebanyak 15 perbankan tertarik membiayai proyek smelter berasal dari dalam dan luar negeri.
“Ini seang dibicarakan bersama bank, jumlahnya berapa, kira-kira strukturnya seperti apa. formatnya apa. Instrumen seperti apa,” kata Tony 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.
“Tapi kami berkomitmen membangun smelter meski proyek ini tidak menguntungkan,” ujarnya.
Sebelumnya, Wakil Direktur Utama Freeport Orias Petrus Moedak mengungkapkan, besaran pinjaman yang diharapkan nantinya dapat membiayai seluruh proyek. Dia optimistis pemberian dana tersebut akan diperoleh pada Agustus nanti. Namun dia belum bisa mengungkapkan 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.
Konstruksi 2020
Adapun progres smelter Freeport saat ini mencapai 3,86% berdasarkan hasil evalusi Kementerian ESDM pada Februari 2019 silam. Realisasi itu hampir 100% dari rancangan periodik yang disampaikan ke pemerintah. Menurut Tony, persentase akan meningkat pesat saat konstruksi dimulai.
“Progresnya berlangsung terus, terakhir 3,86%. Tapi kan kurvanya begini. Memang awalnya kecil,” ujarnya.
Adapun progres proyek berupa pemadatan lahan serta mengeluarkan seluruh air yang di dalam tanah. Kemudian secara paralel juga dilakukan pemancangan sambil menunggu kesiapan lahan yang lainnya secara bertahap akan fix. “Kan itu dipadatkan. Harus dipastikan tanahnya padat,” katanya.
Pengerjaan konstruksi smelter ditargetkan akan dimulai pada awal tahun 2020. Tony berharap, pembangunan tersebut sesuai dengan target.” (Konstruksi awal 2020) iya, kira-kira segitu. (Target) 5 tahun setelah IUPK,” katanya.
Sebelumnya, Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan menegaskan pihaknya akan terus memantau perkembangan pembangunan smelter tersebut.
“Dimonitor setiap 6 bulan. Kalau tidak ada proses (smelter) maka tidak kita berikan izin ekspor,” tambahnya.
Tercatat dalam salah satu poin kesepakatan peralihan 51% saham PT Freeport Indonesia ke pemerintah Indonesia, Freeport diwajibkan membangun smelter. Nantinya smelter tersebut memiliki kapasitas input 2 juta dry metric ton (dmt) konsentrat Cu per tahun dan kapasitas output 460.000 katoda tembaga.
Investor Daily, Page-9, Thursday, June 13, 2019
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