Foreign investors eying to invest in PT Tuhup Coal Mining

A number of foreign investors have expressed interest in investing in Central Kalimantan-based coal company PT Tuhup Coal Mining, a subsidiary of the PT ATPK Resources.

The investors among others from Turky, Korea and China however are still waiting for the company to get operation production IUP (mining business license) as guarantee before investing the money.

?There are foreign investors who have expressed interested in investing and buying shares (of PT Tuhup Coal Mining) but there is no Memorandum of Understanding (MoU) so far. It seems investors are still waiting for the operational production IUP (of the company),? Director of Operation PT ATPK Resources, Saur Maruli Silalahi has said.

The PT Tuhup Coal Mining is in the process to manage ?borrow and use? permit of the 10,000 hectares forest area in Muara Tuhup, Murung Raya regency in Central Kalimantan before upgrading its IUP license from production to the operation production.

?Part of our concession is located in protected forest and production forest area. We are still waiting for the borrow and use permit from the Forestry Ministry. We have secured recommendation from the local administration,? he said.

PT Tuhup Coal Mining has IUP exploration of 20,000 ha but local administration then reduced it to only 10,000 ha.

PT ATPK Resources through its subsidiary of PT Modal Investasi Mineral controls 70 percent shares of PT Tuhup Coal Mining. (giok)