Garda Tujuh Buana plans to acquire new coal mine

IDX-listed coal miner PT GardaTujuh Buana Tbk plans to buy a coal mine in East Kalimantan to further boost its coal production, Investor Daily reported on Friday.

President Director Hari Purnomo said in Jakarta on Thursday that the company was currently conducting a due diligence audit on the coal miner.

?We hope we will be able to sign a memorandum of understanding on the acquisition after the due diligence is completed,? he said, adding that the acquisition of the coal mine could cost the company between Rp 20 billion and Rp 30 billion.

At present, Garda Tujuh operates a coal mine in Bunyu island, East Kalimantan which is expected to double output to 1.8 million tons in 2010 from the target of 900,000 tons this year. (*)