JAKARTA. PT Harum Energy Tbk (HRUM), a coal mining company, has distributed funding worth US$300 million to one of its subsidiaries, namely PT Blue Sparking Energy (BSE).

Ray A. Gunara, President Director of HRUM, said that BSE is a subsidiary that runs the nickel processing and refining business. Currently, BSE is developing the High-Pressure Acid Leaching (HPAL) project located in Indonesia Weda Bay Industrial Park, Central Halmahera.

With this project, BSE will produce nickel-cobalt hydroxide intermediate product (MHP - Mixed Hydroxide Precipitate), with an installed capacity of around 67,000 tons.

"In accordance with the aim of the transaction to finance the investment of the company's subsidiaries in projects developed by BSE," said Gunara, in an official statement. (KR/LM)