Bara Jaya to acquire C. Kalimantan coal mine

IDX-listed coal mining firm PT Bara Jaya International Tbk has allocated US$120 million-$140 million for capital expenditure and operational budget in 2016, part of which to be used to finance the acquisition of a coal concession in Central Kalimantan, Kontan reported on Wednesday.

The paper quoted company President Director Albert J. Bangun as saying that the acquisition is expected to be completed in the second semester of 2016.

While declining to disclose the identity of the acquisition target, Albert said the coal mine produces high calorific value coal of 5,000 kcal/kg.

Elsewhere, Albert said that Bara Jaya has proposed to state-owned electricity firm PT PLN for a 2x27.5 MW mine mouth power plant project to take advantage of the company?s low rank coal. He, however, said PLN has yet to reply. (*)