Abterra completes Kalimantan iron ore acquisition
Monday, January 4 2010 - 04:52 PM WIB
Singapore Exchange-listed resources firm Abterra Ltd. Said on Monday that its wholly owned subsidiary, PT Abterra Resources Indonesia has completed the acquisition of an iron ore operation in Southern and South-Eastern Kalimantan for a consideration of US$7.3 million on 15th December 2009.
The Indonesian Acquisition is in line with the company?s strategic expansion plans to move upstream and to vertically integrate its resources, the company said.
The company said in September 2009 that the mine is expected to produce iron ore fines output of 250,000 MT per annum.
Abterra did not specify the firm that is selling the iron ore mine, only saying the seller was established in late 2006 and has two stockpiles with necessary equipment to receive, process, test and store iron ore. It also has a laboratory to test the grades of iron ore fines samples. The seller has shipped approximately 200,000 metric tons (MT) of iron ore to China. (alex)