PT Bukit Asam Trans Pacific Railway (BATR) is targeted to start construction of coal railroad in 2013 and operate commercially in 2016.
CEO Bukit Asam Tranpacific Rudiantara says the company still discussing financial structure with the lender. The company secure US$1.3 billion loan from China Development Bank, ICBC, Bank of China and Exim Bank of China.
Total cost to build coal railroad woul be US$2 billion, with US$700 million in investment coming from shareholders. BATR is joint venture between Rajawali Asia Resources, a unit of the Rajawali Group and PT Tambang Batubara Bukit Asam Tbk, a stqte coal miner.
Rajawali Asia controls 90% share of BATR and Bukit Asam 10%. A part of the loan agreement with the banks, China Railway plans to control 10% shares of BATR.Rajawali share will be decline to 60% and Bukit Asam's stake will rise to 30%.
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