Cakra completes new mines acquisitions on 2nd semester
Monday, April 8 2013 - 07:35 AM WIB
IDX-listed PT Cakra Mineral Tbk recently stated it aims to complete acquisition of three new iron ore mines in the second semester of this year, in accordance with the results of the due diligence process currently on going in all three mines.
"The three mines are located in West Sumatra, Aceh and Lampung," company director Argo Trinandityo told Petromindo.com, adding that the company's active concession is located in Sungai Kunyit, West Sumatra under the management of PT Persada Indo Tambang.
If the three acquisitions are successful, corporate secretary Dexter said, the company's production capacity could go up to 1 million tons from 300,000 tons of iron ore per year.
Cakra said to have sold 90,000 tons of iron ore to China in the first quarter, or in accordance with the three month quota from the ministry.
Editing by Er Audy Zandri