JAKARTA. PT Indika Energy Tbk (INDY) channelled a loan facility to several of its subsidiaries of USD 250 million in total to aid them in gold mining project.

According to the agreement dated March 2, 2023, those subsidiaries in question include PT Indika Inti Corpindo, PT Tripatra Multi Energi, PT Tripatra Engineering, PT Tripatra Engineers and Constructors, and Tripatra (Singapore) Pte Ltd.

Ricky Fernando, Head of Corporate Communications of Indika Energy, mentioned that the loan will be utilised to fund the constructions of infrastructure and facilities, as well as land clearing for the Awak Mas gold mining project. The loan, equal to IDR 3.81 trillion, will be spent on said project that will begin to operate in 2025. As of now, the project is entering its construction and land clearing phase.

According to Fernando, in 2023, after securing this facility, the company will focus on starting the construction and the land clearing. “Last year, we have completed the Front End Energy Design (FEED) and Definitive Feasibility Study (DFS),” he said, as quoted by Bisnis Tuesday (7/3).

Fernando claimed that the operation of Awak Mas project will be able to improve INDY’s revenue, although it will only visible after the operation would officially start in 2025. The Awak Mas project from PT Masmindo Dwi Area has been a gold mining business line of INDY since 2018. (AM/ZH)