State-owned mining company PT ANEKA TAMBANG (Antam) (JSX:ANTM) said it needs a loan of up to US$70 million to finance development of its chemical grade alumina project in Tayan, West Kalimantan.

Japan Bank for International Cooperation (JBIC) has agreed to provide 60 per cent of the fund needed by the US$250 million project if it is found to be feasible.

* Antam Finance Director Kurniadi Atmosasmito said feasibility studies, now being carried out by ANZ on the project is to be completed next month.
* If the project is feasible, work would start to build it early next year, Kurniadi said last weekend