ABM grabs $114m coal mining contract
Thursday, February 28 2019 - 08:56 AM WIB
By Romel S. Gurky
IDX-listed integrated coal mining firm PT ABM Investama Tbk announced on Wednesday it has won a US$114 million coal mining services contract from coal mining firm PT Muara Alam Sejahtera (MAS).
ABM said in a statement that MAS owns a coal concession in Merapi, Lahat Regency, South Sumatra Province. The company said that the contract is valid for a period of three years.
“The new contract provides additional mining services work at MAS location for (overburden) material removal, rental of heavy equipment, and coal transportation,” ABM said in the statement. “In addition, it will provide additional revenue of $114 million.”
According to MAS website, the company, which is part of the Baramulti coal group, was set up in 2004, obtained mining permits in 2007 and 2008, which were upgraded to production and operations license in 2010 when it started coal production.
Editing by Reiner Simanjuntak