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PrintThe publicly listed ferrosilicon alloy and manganese producer OM Holdings has secured commitments attached to about $US300 million of project finance, according to a source.
The debt will be split into US dollars and Malaysian ringgit, and will fund the first phase of construction and production at a smelting project in Malaysia's Sarawak state.
Ferrosilicon is a refined alloy that is used in industries such as car manufacturing. Manganese is an essential ingredient in most commercial varieties of steel as it makes the metal easier to work with at high temperatures.
The syndicate of lenders is likely to include Standard Chartered Bank Malaysia, Malayan Banking, Export-Import Bank Of Malaysia and RHB Bank.
Relating to the smelting project, OM Holdings is poised to announce the signing of an engineering, procurement and constructor contract with China's Sinohydro, and the appointment of subcontractor Sinosteel Jilin Electro-Mechanical Co, a subsidiary of Sinosteel.
Source- Dow Jones Newswires
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