Coal mine acquisition to be decided this month-end: PTBA
Friday, November 12 2004 - 02:22 AM WIB
State-owned coal miner PT Tambang Batubara Bukit Asam (PTBA) said on Thursday that it expected Saratoga Investama Sedaya Group to decide by the end of this month whether to accept its offer to buy the latter's coal mining subsidiary in Kalimantan, Investor Daily reported on Friday.
?We have made an offer and are waiting for them (Saratoga) to decide whether they want it or not. The deadline is end of November,? PTBA president director Ismet Harmaini said on Thursday in Jakarta.
According to Ismet, the coal mine is believed to contain coal reserves of around 50 million tons and it able to support production of around 2 million tons of coal per year. He however did not name the coal company or specified its location.
PTBA has allocated US$50 million in a bid to acquire coal mining concessions in Kalimantan.
PTBA operates two mining units located in Tanjung Enim (South Sumatra) and Sawah Lunto (West Sumatra). The company produced 9.9 million tons of coal last year. (*)