Garda Tujuh to acquire coal mine in Sudan

By Donald Haromunthe

IDX-listed coal mining company PT Garda Tujuh Buana Tbk plans to acquire a coal mine in Sudan next year as part of an expansion program.

The company?s commissioner Pardeep Dhir told Petromindo.com on Tuesday that Garda Tujuh had signed a partnership agreement with Massicot Trading Ltd to assist the company in making the necessary preparations for the acquisition.

?Currently, we are now doing due diligence phase. We have prepared US$ 42.5 million fund from internal cash for the plan and expect to complete the acquisition in June 2015?, he said.

The signing of the agreement with Massicot Trading Ltd was held on November 30, 2014.

Garda Tujuh produces low rank coal at its coal concession area in Pulau Bunyu, Bulungan Regency, East Kalimantan. The mine has coal resources of about 300 million tons and coal reserves of about 168 million tons.

Editing by Reiner Simanjuntak