ABM plans to acquire new coal concessions

By Hiski Darmayana

IDX-listed integrated energy company PT ABM Investama Tbk (ABM) unveiled plans to acquire new coal concession with priority for area depositing high calorific value of coal.

"Our current concessions have low rank coal. To enrich our mining portfolio, we are interested in acquiring concessions with high rank coal," the company's strategic director Yovie Priadi told Petromindo on Thursday.

He said that the company also preferred concessions having resources of between 20 million tons and 40 million tons.

"We have not yet found the concession with such criteria," he said.

ABM, as part of Tiara Marga Trakindo, operates coal mining in South Kalimantan and Aceh with this year's production target of between 6 million tons to 7 million tons.

The company's main export markets are China and India.

Editing by Adianto P. Simamora