Geo Energy bags US$220m term loan

The company will use the loan to fund certain acquisitions.

SGX-listed Geo Energy Resources Limited has secured US$220m term loan facilities from PT Mandiri.

In a bourse filing, the company said it will use the loan to fund certain acquisitions, working capital and other capital expenditure requirements.

“The loan facilities will be a key driver for our corporate growth and strategy following the transformational acquisition of a controlling stake in the listed Indonesian coal mining group as announced on 26 July 2023.

The core asset of this listed group, PT Triaryani (“TRA mine”) has 2P (Proved and Probable) reserves of almost 300 million tonnes.

The company said the loan facilities will allow it to ramp up production levels and fund the mining and infrastructure development required to support and achieve PT Triaryani’s targeted production volume of 25 million tonnes annually.

PT Triaryani is the core asset of the company.

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