Mining company PT Cita Mineral Investindo Tbk has budgeted IDR42.55 billion in capital expenditure (Capex) in 2022 to be invested for infrastructure strengthening, procurement of equipment or mining support vehicles owned by the company. In 2021, the company allocated a mere IDR6.9 billion for investment, most of which was used for the Capex.
Cita Mineral Corporate Secretary, Mr Yusak Lumba Pardede, said that the Capex would be entirely from the company’s internal sources and that the company did not look for loans. In 2021, the company allocated IDR6.9 billion for investment, most of which was used for the Capex.
“So far, there are no plans to get loans from banks, domestically or internationally,” said Mr Pardede.
Apart of the allocation for procurement and strengthening of infrastructure, Cita Mineral is also allocating the Capex for machinery, vehicles and mining support equipment.
Cita Mineral does not see any business or project development. For now, the company does not require unique technology to assist the company’s performance in terms of mining, such as mining support technology.
“There is no special technology needed related to mining activities carried out by the company at this time,” Mr Pardede added.
Until now, there is no plan related to the company’s business development. The company – which launched its Initial Public Offering (IPO) on March 20, 2022 – will submit information disclosure in accordance with applicable regulations if there are plans related to its business development.
