Antam to transfer coal assets to PTBA
Monday, October 3 2016 - 06:57 AM WIB
State-controlled mining firm PT Aneka Tambang Tbk (Antam) will transfer its coal assets to state-controlled coal giant PT Bukit Asam Tbk (PTBA) when the planned holding company for state mining firms is realized.
The Office of the State Minister plans to set up a number of holding companies for state firms to help among others bolster efficiency and financing capacity.
?It (the planned transfer of Antam?s coal assets) is still being discussed,? said IDX-listed Antam President Director Tedy Badrujaman to Petromnindo.com on Monday, on the sidelines of a ceremony at the Indonesia Stock Exchange.
Tedy said that Antam?s coal operation has already started being ?hooked up? with the network of IDX-listed PTBA to help expand the coal unit.
Antam through subsidiary PT Indonesia Coal Resources produces coal from Sarolangun coal mine located in Jambi Province. The non-JORC coal reserves stands at 8.25 million tons with calorific value of 5,300-5,500 Kcal/kg.
The government has assigned state-owned aluminum maker PT Inalum as the holding company for state mining firms which include Antam, PTBA, and IDX-listed tin firm PT Timah Tbk.
Editing by Reiner Simanjuntak