JAKARTA (TheInsiderStories) – Two global investors, Hartman International Pte. Ltd., and Summer Ace Ventures become the standby buyer of local miner, PT Bumi Resources Minerals Tbk (IDX: BRMS), the management announced on Thursday (03/18). The company has received an effective statement from the regulator to run the rights issue program in this year.
President Director & CEO Bumi Minerals, Suseno Kramadibrata, said in a written statement, one standby buyer is willing to buy a maximum of 6.22 billion new shares (27 percent of the total) and other standby buyer is willing to buy a maximum of 16.68 billion new shares (73 percent of the total.
The unit of PT Bumi Resources Tbk (IDX: BUMI) has announced to releases 22.9 billion shares at an indicative price of Rp70 a share or in total Rp1.6 trillion (US$111.11 million). The issuer said, every 400 old shares has the right to purchase 129 new shares and a total of 250 new shares will also be attached with 267 warrants with the same price at Rp70 per unit.
The issuer set the cum date of the rights issue on March 26. The exercise period of the new shares sale starts from April 1 to April 9. and on Oct. 6 to 29 of 2021. End of 2020, the local securities house, PT Net Sekuritas, which is affiliated with the Salim Group, has bought 6.31 million shares of the company from PT Danatama Makmur Sekuritas.
The buyer bought the shares at Rp62 a share or with total amount of Rp391.22 billion (US$27.75 million). The president commissioner, Hindarto Budiono, currently owns 59.5 percent of the brokerage firm, while the president director, Wito, holds 40.5 percent of Net Sekuritas shares.
The management of Bumi Minerals stated the mining firm will set aside $48 million of the proceeds to build gold ore with a capacity of 4,000 tones per day and $23 million to dig four gold projects in Palu, Central Sulawesi. The miner also plans to drill two gold mines in Gorontalo with total costs of $5.25 million.
Beside, the minerals producer plans to repay the debt with total amount of $29 million. The mining firm has also received standby letters of credit from PT Bank Negara Indonesia Tbk (IDX: BBNI) to build a second gold factory with costs $70 million. The issuer and China Nonferrous Metal Industry’ Foreign Engineering and Construction (NFC) through PT Dairi Prima Mineral are planning to build a zinc and lead processing facility worth of $400 million.
NFC hold 51 percent stake in Dairi Prima led the search for a loan for expansion of zinc and lead projects. The loan with total amount of $280 million is targeted to be achieved in the first semester of 2021. While, the rest is part of NFC and the company will spend around $32 million in the projects.
The factory will be built near the Anjing Hitam mine site in North Sumatra, with an estimated production capacity aroun 1 million tones of zinc and lead ore per annum. The unit has a zinc mine that was developed with underground mining operations with a concession area of 24,636 hectares.
Apart from the site, other zinc mining areas that are close to each other are Lae Jahe and Base Camp in the same province. The Dairi Prima permit was approved by the government in December 2017 with a contract period for 30 years. The mining life of the two mines is 15 years with total reserves of 11.05 million tones of ore. The zinc deposits in this mine are claimed to be one of the highest quality deposits in the world.
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