Milbank LLP advised PT Amman Mineral Nusa Tenggara (“Amman”) on a US$750 million loan which will be used for capital expenditure, general corporate purposes and to finance its operational activities (including Amman's expansion program). Amman's Batu Hijau mine is reportedly the fifth-largest copper mine in the world and the second-largest copper mine in Indonesia.
The financing is structured as a senior secured multicurrency term loan facility, which Amman has entered into with both international and domestic commercial banks.
Milbank also recently advised the Amman Group in connection with its IPO, which is currently the largest IPO in Indonesia in 2023.
“It is a pleasure to have advised on this financing given the Batu Hijau mine is such a significant gold and copper resource” said James Orme, partner in the firm’s Global Project, Energy and Infrastructure Finance Group in Singapore.
“We are pleased to have supported Amman in this novel loan facility that aligns with the company’s goals for growth and expansion,” said David Zemans, managing partner of Milbank’s Singapore office and Asia practice.
The Singapore-based Milbank team was led by Mr. Zemans and Mr. Orme, and included associates Rosaline Yusman, Deirdre Swift and An Guo.
