Cipaganti suspends coal mine business
Wednesday, April 16 2014 - 01:21 AM WIB
IDX-listed Cipaganti Citra GrahaTbk, which is primarily engaged in car rental and transportation businesses, has suspended its coal mining operations due to the lingering downturn in the coal market, Kontan reported on Wednesday.
Adianto Setiabudi, President Director of Cipaganti said that the company decided to suspend the coal mining business because the current drop in the coal price has not been able to cover production costs. Coal price has plunged to a four-year low.
Cipaganti operates several coal mines in East Kalimantan which it acquired in 2011. (*)