Golden Energy Mines says 6 strategic investors eyeing its shares

PT Golden Energy Mines (GEMS), a coal-mining unit of IDX-listed firm PT Dian Swastatika Sentosa Tbk and a subsidiary of the conglomerate firm Sinarmas Group received proposals from six strategic investors to acquire its share once the company offering their share in the initial public offering (IPO) in mid of August.

The company?s official told Petromindo.Com on Friday that the six strategic investors including Coal India, PT United Tractors Tbk and some other from foreign and local companies. The official said the GEMS will announce its strategic investor in July, this year, adding that its share will be offered between 30-40%.

In earlier interview with GEMS? managing director Yudha Wibawa, GEMS would own several coal units including PT Borneo Indobara (BIB) in Tanah Bumbu regency, South Kalimantan (CCoW holder), PT Kuansing Inti Makmur (KIM) in Muara Bungo, Jambi, and PT Manggala Alam Lestari (MAL) in Musi Banyuasin, South Sumatra

From the three mines, GEM has resources of approximately 3 billion tons of coal.

Between 2006 and 2010, GEMS invested more than US$200 million for exploration, infrastructure, land compensation, as well as building roads and jetty ports, Yudha said.

GEMS has a target to produce around 20 million tons (MT) of coal from the three mines in 2013. (denny)