3 firms in talks with Asia Thai to buy Multi Tambangjaya mine
Friday, January 20 2012 - 03:41 AM WIB
Central Kalimantan coal miner PT Multi Tambangjaya Utama (MTU)?s major shareholders are in talks to sell its entire share to three interested parties, the industrial source told Petromindo.Com.
Thai firm Asia Thai Mining, Co, Ltd holds 95% stake at MTU mine and the remaining 5 % was held by private.
The source said the three parties, which are interested to buy MTU mine include PT Indika Energy and Sinarmas Group. ?The negotiation with Sinarmas has collapsed but with Indika, the negotiation is still in progress,? the source said.
Indika is conducting legal and technical due diligence right now, the source said.
The source did not remember the third firm?s name.
According to the source, Asia Thai is offering MTU mine at US$300 million.
MTU, which is located in Karau Kuala sub-district, Barito Selatan regency, is a third generation Coal Contract of Work. Asia Thai acquired the mine in 2007. The mine has an installed capacity of 3 million tonnes per annum of coal with calorific value of 6,300 kcal/kg (adb).
Editing by David Mustakim