PT J Resources Asia Pasific, an Indonesian based company engaging in exploration and production of gold, has secured syndicated loans worth US$208.5 million from three banks - Indonesia Eximbank, PT Bank ICBC Indonesia and PT Bank Permata Tbk.

The company will use the loans to develop four Indonesian mining assets that have yet to get funding. One of these mining sites is expected to start producing gold in 2017.

The loans were obtained through its subsidiaries PT J Resources Nusantara, PT J Resources Bolaang Mongondow, PT Sago Prima Pratama, PT Gorontalo Sejahtera Mining, PT Arafura Surya Alam, J Resources Netherland BV, J Resources Gold (UK) Ltd and Specific Resources Sdn Bhd.

In 2013, the company secured funding of US$275 million. The outstanding loan prior to the signing of the new syndicated loan was US$160 million.

“In the middle of a subdued mining industry in Indonesia at present, J Resources still manages to win confidence from domestic and international banks,” J Resources director William Surnata said.

Earlier, J Resources said it would set aside capital expenditure worth US$50 million this year with the intention of developing a smelter with annual capacity of 50,000 ounces.

William Surnata said the smelter would be built in Pani, Gorontalo or in Doup, North Sulawesi.

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