Atlas Resources sells E. Kalimantan coal asset
Friday, February 17 2017 - 01:34 AM WIB
IDX-listed coal mining firm PT Atlas Resources Tbk said it has sold its entire ownership in East Kalimantan coal mining subsidiary PT Berau Bara Energi (BBE) to a company called PT Andalan Satria Permai (ASP).
Atlas said in a statement on Friday that the sale and purchase agreement was signed by the company and its subsidiary PT Optima Persada Energi (OPE) with ASP in a transaction worth Rp 50 billion.
The statement said that ASP purchased the BBE shares worth Rp 49.99 billion from Atlas, and additional shares worth Rp 1 million from OPE. ?ASP is now the 100 percent owner of BBE,? Atlas said.
BBE started coal production in June 2008 at its concession located in East Kalimantan. CV from the mine is 5800 kcal/kg (ADB) with low sulphur.
Editing by Reiner Simanjunta