Dayaindo to acquire two coal mining companies
Wednesday, October 3 2007 - 02:59 AM WIB
JSX-listed firm PT Dayaindo Resources International is set to acquire two coal mining companies as part of the company's strategic plan to expand the company's business.
The two mining companies are PT Risna Karya Wardhana in South Kalimantan and PT Bina Insan Sukses Mandiri in
Dayaindo would acquire 80 percent of Risna and a maximum of 60 percent of Bina Insan, Sudiro told Petromindo.com on Wednesday. "The acquisition is in a final process," he said.
According to him, Risna now produces about 40,000 tons of coal per month, while Bina Insan has yet to start production.
"Bina Insan is now buildling a port which is capable of accomodating 5,000-10,000 ton four barges. It is expected to start production in the first quarter of 2008 with a monthly output of between 40,000 and 50,000 tons.
Sudiro told Kompas daily that as part of the expansion plan, the company would also build a power plant with a capacity of 3 x 15 megawatt iin a joint venture wiwith PT Apac Inti Corpora. The power will be used to supply one of the largest textile companies in the country.
"The joint venture will be formed this week," he said.
Dayaindo has already "controls" four coal mining concessions, three of which are operated by its KSO partners, including Bina Insan Sukses Makmur whicih operates 530.2 hectares of mining areas, CV Bina Insan Lestari Mandiri which controls 1,639 hectares of mining areas in Tanah Bumbu and CV Anugrah which operates a concession measuring 10 hectares of land in Martapura, South Kalimantan. Besides, Dayaindo has 3,775 hectares of mining areas in Tanah Bumbu. (denny)