ATPK Resources to right issue to boost coal output
Wednesday, January 18 2012 - 03:37 AM WIB
Indonesia-listed coal mining firm PT ATPK Resources Tbk plans to conduct right issue to raise money around US$100 million by May of this year, the company official told Petromindo.com.
The fresh money will be used to buy heavy-equipment to increase coal production volume from the company?s coal mining units, the official said.
At present, the company has a coal operating unit PT Mega Alam Sejahtera (MAS) in Berau regency, East Kalimantan. MAS is expecting to double its coal production from last years? output to 1.5 million tonnes of coal this year.
The company has also one other coal unit called PT Sarana Mandiri Utama (SMU). SMU, which is located in Sesayap, Bulungan Regency is expected to start production in the third quarter of this year with initial planned production target of 40,000-50,000 tonnes of per month.
ATPK, through its subsidiary PT Modal Investasi Mineral (MIM) owns a 70% stake in both PT Sarana Mandiri Utama and PT Mega Alam Sejahtera.
MIM has also 70 percent stake in PT Damanka Prima, which concession is located in Bengalon, East Kutai regency, East Kalimantan and 70 percent stake in PT Tuhup Coal Mining in Muara Tuhup, Murung Raya regency, Central Kalimantan. The company said that both mines are still at exploration stage.
MIM is now seeking new investors to develop Damanka Prima and Tuhup Coal.
Editing by David Mustakim