Indonesia's Timah lands $222M Mandiri credit line to bridge export-proceeds rules
What's the deal? State tin miner PT TimahDealroom has a profile for this one. Try Dealroom → (TINS) has signed a credit facility with Bank MandiriDealroom has a profile for this one. Try Dealroom → worth up to US$260.6M, structured as post-IPO debt. The company said the money covers general corporate needs, including working capital and funding tied to Indonesia's export-proceeds retention rules.
Why now? Since March 2025, non-oil-and-gas natural-resource exporters have generally had to retain 100% of export proceeds in Indonesia for 12 months. That requirement ties up cash, and Timah chose to secure a dedicated financing line rather than drain operational working capital.
How is it structured? The facility runs for 12 months and is revolving at the facility level, but each drawdown is non-revolving, with tenors of three to 12 months tied to the retained-proceeds instruments. It carries no specific asset collateral; instead, Timah must block export-proceeds funds or other company funds as security.
Corporate secretary head Rudy Nursalam said the facility can be used for "general corporate needs, including working capital and the obligation to place DHE-SDA funds in line with regulatory requirements" (translated from Indonesian).
What's the endgame? For Timah, the line is a liquidity bridge that keeps cash flowing from mine to smelter while meeting retention rules. The company says it expects no material operational or financial impact.
The signal: The deal shows banks turning Indonesia's retention regime into a financing product for exporters. A recent precedent is state coal miner Bukit AsamDealroom has a profile for this one. Try Dealroom →, which reportedly obtained US$390.8M in similar credit from BRIDealroom has a profile for this one. Try Dealroom → and Bank Mandiri — a sign the model is spreading across the country's resource sector.
Read more: petromindo.com
Image credit: Generated with Gemini
