ATPK Resources delays coal production

JSX listed mining firm PT ATPK Resources Tbk. decided to start producing coal in the fourth quarter of 2007, instead of the third quarter as initially planned because it needs to adjust the timetable of its right issue plan, Neraca Daily reported on Monday.

 

The company planned to add investment in coal mining by US$2.3 million in 2009 and $2.9 million in 2010 to maintain the corporate income.

 

In March, ATPK Resources said it would start coal production from four coal mining subsidiaries in Kalimantan mines in the third quarter of this year, with initial combined production of 140,000 tonnes per month.

 

Another concession in Lampung would commence production in early 2008 with an initial production of 20,000 tonnes per month, ATPK said on March 12, 2007.

 

In May, UK-based firm Minecorp Plc. had acquired a 5.5 pct interest in ATPK Resources Tbk for £1.1 million in cash.

 

“It sees substantial value in ATPK, once the company develops the five Indonesian coal mines it acquired last October, which contain substantial reserves of steaming coal,” Mincorp said in statement on May 18, 2007. (*)