Pierfront commits $25 million to Indonesia mine operator
Singapore-based alternative credit investor Pierfront Capital has committed $25 million to Merdeka Copper Gold, an Indonesia-based operator of copper and gold mines backed by Saratoga Capital and Provident Capital.
The capital will be invested in the form of a term loan facility and will primarily be used to support the Tujuh Bukit project, a gold and copper mining project estimated to contain 19 billion pounds of copper and 30 million ounces of gold. Tujuh Bukit is Merdeka's main asset.
Saratoga and Provident bought a majority stake in Merdeka in 2014 as part of an agreement to settle an ownership dispute with Intrepid Mines, another backer of the Tujuh Bukit project. Merdeka went on to an IPO on the Indonesian Stock Exchange last year that raised about IDR839 billion ($63 million).
Pierfront, a portfolio company of Singapore state-backed investment group Temasek Holdings, provides junior debt, mezzanine and structured equity, primarily to support infrastructure and real estate projects. It has about $220 million in assets under management and operates on a global basis.
The firm also recently agreed to provide a three-year term loan facility for $33 million to Greenko Ventures, the holding company for Indian renewable energy platform Greenko. Greenko currently has more than 1 gigawatt of operating capacity across wind, hydropower, solar and biomass projects, and is owned by Singapore sovereign wealth fund GIC Private, which bought a controlling stake in 2014.
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