Central Omega opens to acquisition opportunities
Monday, September 26 2016 - 06:18 AM WIB
IDX-listed PT Central Omega Resources Tbk (COR) said it is open to possibility of acquiring new nickel mines to help increase reserves.
Company Corporate Secretary Yohanes Supriady told Petromindo.com last week that the company has received a number of offers but it was still evaluating the validity of their reserves.
He, however, said that the company would be very careful in executing acquisition especially considering that the current reserves of its mines are still sufficient.
Central Omega is currently developing a nickel pig iron smelter in Morowali Regency, Central Sulawesi, construction process of which has reached 90 percent, according to Yohannes. The first-phase the NPI smelter, with a capacity of 100,000 tons per year, and total investment of US$190 million, is expected to be completed in the first semester of next year, but full-production will only start in 2018.
The company is also preparing to develop the second-phase $350 million smelter, with capacity of 300,000 tpa, which is targeted to be completed in 2019.
Editing by Reiner Simanjuntak