Ancora plans to acquire coal mine this year

IDX-listed firm PT Ancora Indonesia Resources said on Tuesday that it plans to acquire a coal mine this year with reserves of 30 million to 50 million tons to help expand revenue.

?We hope that the coal mine acquisition can be completed this year,? Dharma Djojonegoro, the company?s president director, told reporters. He did not disclose how much the acquisition would cost.

Dharma said Ancora was in negotiations with the owners of two coal mines in Sumatra and East Kalimantan. ?We are currently in the final legal process to acquire one of the mines,? he said.

Ancora has several unit businesses including 40 percent stake in ammonium nitrate producer PT Multi Nitrotama Kimia (MNK), PT Bormindo Nusantara, a drilling-services company. Ancora also established shipping unit PT Ancora Shipping that will focus on coal transportation. (*)