Chinese company revives talks to develop Ombilin coal mine
Thursday, August 26 2004 - 02:43 AM WIB
Chinese company China National Technology Import Export Corporation (CNTIEC) has revived negotiations with PT Batubara Bukit Asam to develop the latter's coal mine in Ombilin, West Sumatra, Bisnis Indonesia reported on Thursday.
"The Chinese company has renewed its talks with PTBA to develop the Ombilin coal mine, with a different cooperation scheme," a source told the daily.
In the latest talks, the Chinese company offered to establish a joint venture with PTBA to develop the coal mine. "PTBA is offered an option to have 49 percent share in the joint venture firm and another 51 percent to be held by the Chinese firm," he added.
The Chinese company and PTBA had been in serious negotiations to jointly develop the Ombilin coal mine last year. In the negotiations, the Chinese company offered a credit worth US$62 million to develop the coal mine but the talks were later halted due to the lack of progress. (*)