Ancora plans to buy more coal barges

IDX-listed firm PT Ancora Indonesia Resources Tbk plans to buy five set of tug and barge to further strengthen its newly established shipping company PT Ancora Shipping, the company?s senior executive has said.

Gita Wirjawan, the majority shareholder of Ancora Indonesia, was quoted by Bisnis Indonesia as saying in Jakarta on Monday that the tugs and barges would be used to meet new coal shipment contracts which would begin effective next year.

He said that the tags and barges costing between Rp 20 billion to Rp 25 billion (US$=Rp 9,550) each with a capacity of between 4,000 and 8,000 tons would add to Ancora Shipping?s fleet now consisting only of five set of tag and barge.

The shipping subsidiary was officially launched in July this year to focus on coal transportation.

Ancora also plans to acquire a coal mine in East Kalimantan as part of the expansion program. ?We are still finalizing the negotiation process,? Gita said, adding that the coal mine which occupies about 8,000-10,000 hectares of areas, holds estimated coal reserves of between 50 million and 60 million tons.

He said that the company had allocated about US$30 million from its budget for the acquisition of the coal mine. (*)