Cita Mineral increases stake at bauxite mining units
Tuesday, April 17 2012 - 01:37 AM WIB
IDX-listed mining firm PT Cita Mineral Investindo Tbk reported on Monday that it has increased stake at its two bauxite mining subsidiaries through capital enlargement.
The company said its stake at PT Harita Prima Abadi Mineral (HPAM) and PT Karya Utama Tambang Jaya (KUTJ) had increased to 90 percent from 75 percent previously, with the balance held by affiliated company PT Harita Jayaraya.
HPAM and KUTJ are Indonesia?s top bauxite producers with mines located in Ketapang regency, West Kalimantan.
HPAM and its six subsidiaries control mining concession with total area of 160,000 hectares and KUTJ controls an area of 30,000 hectares.
The company did not give production figure.
Cita Mineral is controlled by Lim family, a mining and agribusiness conglomerate with a number of mining concessions across the country.
Editing by David Mustakim