Four bidders vying for Berau Coal?s stakes

Out of ten companies originally invited to bid for United Tractors? 60 percent shares of East Kalimantan based coal-mining firm Berau Coal, only four companies had continued the bidding process, according to an industry source.

?Two bidders, cola mining contractor PT Sumber Mitra Jaya and Thai?s Lanna Resources had just dropped their bid,? said the source.

The source said another four bidder had earlier either dropped their bids or joined the remaining four bidders by forming consortium.

Four remaining bidders, state coal mining firm PT Tambang Batubara Bukit Asam, Anglo-Australian resource giant BHP Billiton, Australia?s Strait Resources and Glencore Australia Coal had already conducted due diligence and were expected to submit their bid ?soon?, said the source.

Earlier, an executive from United Tractors said that the tender process was scheduled to be completed in March this year.

Berau Coal operates around 121,000 hectare mining sites in Berau regency, East Kalimantan. Last year, the company produced around 6.7 million tons of coal.

Aside from United Tractors, Berau Coal is 30 percent owned by Armadian Tritunggal and 10 percent by japan trading powerhouse Nissho Iwai. (godang)