Saratoga's Mining Arm Lends US$200 Mln to Merdeka Tsingshan

By Editorial Team 22/08/2022
money injection
Summary

PT Merdeka Copper Gold Tbk (MDKA), a mining company owned by Saratoga Group, has disbursed US$200 million worth of loans for PT Merdeka Tsingshan Indonesia (MTI). MDKA provides financing funds based on the signed agreement of up to US$200 million or around Rp 2.98 trillion (exchange rate of Rp 14,900/US$). "This is a material transaction, the value exceeding 20 percent of the company's equity, which is calculated based on the company's Consolidated Financial Statements," Citing the company's information disclosure to the Indonesia Stock Exchange (IDX) revealed on Friday.

MTI is indirectly owned by MDKA, which holds a 79.99 percent stake. MTI operates in Morowali, Central Sulawesi, and is a joint venture between MDKA with Eternal Tsingshan Group Ltd.

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