Freeport Indonesia to provide US$100 mln loan to Papua govt

US owned miner PT Freeport Indonesia has said it will provide a US$100 million low interest loan to the Papua provincial administration.

The regional administration will use the fund to build a cement factory with an annual production capacity of 500,000 tons, said Armando Mahler, the president of the company operating copper and gold mines in that province.

Part of the credit will be disbursed this year to finance studies and development, Mahler said, adding that Freeport will also provide expertise. The factory will sell part of its cement production to Freeport, which needs around 180,000 tons of cement per year.

Source: Asia Today


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