Darma Henwa to acquire port operator

IDX-listed integrated mining and energy services provider PT Darma Henwa Tbk plans to acquire a port operator in East Kalimantan this year to help further strengthen its integrated mining services particularly for miners in the province, Investor Daily reported on Friday.

?The acquisition process is expected to be completed this year,? said President Director Wachjudi Martono, adding that the company is still in the process of auditing the finances of the acquisition target. He did not disclose the name of the target.

Going forward, Dharma Henwa, which is a subsidiary of IDX-listed coal giant PT Bumi Resources Tbk, aims to expand its mining services to the mineral sector, hoping to obtain contract mid this year from tin and zinc miners, Wachjudi said.

Bumi Resources, through subsidiary PT Dairi Prima Mineral, holds tin and zinc concession in Dairi Regency, North Sumatra.

In the first five months ending May of this year, Dharma Henwa saw revenue fell by 5 percent to US$95 million compared to $99.8 million in the same period of last year due to the generally lower coal production activities amid the lingering downturn in the global coal market.

Over burden removal as of May of this year declined to 24.4 million tons bank cubic meter from 28.4 million bcm in the same period of last year. (*)