JAKARTA: The financing process for the US$450 million Chemical Grade Alumina (CGA) project involving PT Aneka Tambang Tbk (Antam), is possibly postponed until February 2011.The process schedule for financial closing, such as loan agreement for CGA Tayan, has high possibility to be postponed until February 2010, Corporate Secretary of Antam Bimo Budi Satriyo revealed. The negotiation process was initially targeted to be completed in the mid of this month. Apparently, it can not be done this year as discussion of the loan agreement and others are still in the process. Perhaps, the postponement could be until January or February [2011], Bimo told Bisnis, this afternoon.Meanwhile, the project of CGA Tayan located in Sanggau District, West Kalimantan, is estimated to require US$450 million investment. The involved parties are PT Indonesia Chemical Alumina (ICA) having an unincorporated consortium with PT Wijaya Karya Tbk, Tsukishima Kikai Co Ltd, and PT Nusantara Energi Abadi (Nusea) acting as the EPC contractor.ICA is a joint venture between Antam and Japanese-based Showa Denko K.K. (SDK) with share portions of 80% and 20% each.Eventually, CGA Tayan will produce 300,000 tons bauxite a year. SDK will use about 200,000 tons CGA to substitute output from its factory in Yokohama, Japan. Whereras, the remaining 100,000 tons CGA is likely distributed to Indonesian market. (T01/NOM)
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