JAKARTA: PT Aneka Tambang Tbk, an Indonesian based mining company, is creating the final list of investment banks having capacity to be creditors of a ferronickel project, which needs US$1 billion of total project value at US$1.6 billion.Antam President Director Alwin Syah Loebis said that construction of Halmahera project is expected to start at end of the year, so the company is finalizing the financial proposal from 27 local and foreign banks.There have been 27 banks proposing and we are in the process of selecting the winner. There is a shortlist, but financing scheme could not the revealed. It depends on what they propose, he told the press yesterday.Of the total project value of US$1.6 billion, PT Perusahaan Listrik Negara (PLN) prepares US$600 million to build 250MW power plant, and Antam must bear the remaining US$1 billion.Antam Finance Director Djaja M. Tambunan added that the banks proposed different kind of financing schemes, including global bonds, rupiah-denominated bond, and credit syndication.Of those 27 banks, some drop out, and make consortium. We create a shortlist of interesting offers, and it is still being reviewed by PT Danareksa Sekuritas as an advisor, he exposed.In addition to Halmahera project, Antam this year is working on two other projects, namely Tayan chemical grade alumina (CGA) worth US$450 million and US$450 million Pomalaa. Tayan project has obtained fund, a loan of US$292.5 million from three Japanese banks.Moreover, the company is partnering with PT Krakatau Steel Tbk in handling IDR1.5 trillion-worth Meratus Jaya project, which produces sponge iron, the raw material for steel. PT Bank Rakyat Indonesia Tbk provided IDR600 billion for the project.Adding to US$1 billion SGA Mempawah project and US$400 million Mandiodo project, the mining company needs external funds as much as US$3 billion for 3 years.Through May, we have spent capital expenditure as much as IDR1.5 trillion of total allocated IDR3.9 trillion for some of the projects, Alwin revealed.On yesterdays market closing, ANTM-coded stock of the company was settled at IDR2,125, same as the previous day. Market capitalization of the stock reached IDR20.27 trillion.DividendMinistry of State-Owned Enterprises rejected Antams plan to share dividend in total IDR571.4 billion of IDR60 a share and asked for bigger amount, as agreed by the shareholders meeting.Earlier, the proposed dividend was IDR60 per share but dwiwarna shareholders [the exclusive ones] asked for bigger dividend, so it rose to IDR70.71 a share, revealed an investor who declined his name to be mentioned.Antam, as the investor added, could actually use profit to finance its costly expansion because this year the mining company is working on three projects.Alwin said that the shared dividend was IDR673.4 billion, equaling to 40% net income of the company last year. The remaining profit of IDR942.7 billion is allocated to finance business expansion and the other IDR33.67 billion is for partnership and community development program.Cash dividend paid to the state is IDR438.39 billion, while to public is IDR234.96 billion, he said.The managements proposal to increase Antam pension benefit was delayed and could be continued after their financing ration reaches 110%.In the meantime, the shareholders meeting also appointed new commissioners, namely Sri Mulyanto (who also servers as Assistant to Deputy of Service Business III in Ministry of SOE) and Bambang Permadi S. B. (Head of Fiscal Policy Agency). (t04/msw)

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