Australian private equity player EMR Capital confirmed speculation that it has completed a US$560 million refinancing of the Martabe gold-silver mine in Indonesia.
"We can confirm US$560 million was done," Managing Director and CEO Jason Chang told S&P Global Market Intelligence on Oct. 4.
"We paid down a lot of the existing loan and so we refinanced it on terms that are suited towards the operations. There were some terms that made it a bit more efficient for us."
Chang would not comment on which banks were involved in the refinancing.
EMR was part of a consortium of buyers that acquired the Martabe operation from G-Resources Group Ltd. for US$775 million in March 2016.
The Australian Financial Review's Street Talk blog reported Oct. 4 that EMR has received a number of unsolicited offers for the mine, but Chang declined to comment on the speculation.
"We don't really want to comment on things that are not yet happening, other than EMR is focused on improving the mine," he said.
Chang said EMR's focus at present is on increasing production, operational efficiencies and expanding resources and reserves at Martabe.
Street Talk reported, however, that the company has brought in Deutsche Bank and Morgan Stanley to manage any information flow to parties that are interested in the mine, but they are not running a formal sales process.
Bloomberg News reported in September that Shandong Gold Group Co. Ltd. and China Gold International Resources Corp. Ltd. are among the companies considering bidding for the Martabe mine, which could fetch up to US$1.5 billion.