Golden Energy to acquire two coal assets next year

By Thomas Sembiring

IDX-listed PT Golden Energy Mines Tbk (GEMS) plans to acquire at least two more coal mining firms next year in a bid to increase its coal reserves.

This was said by outgoing President Director of the company, Fuganto Widjaja, who will no longer be in the post starting next year. Fuganto will be commissioner at the company.

?Next year, there will probably be two more acquisitions,? Fuganto told Petromindo.com on Friday.

He did not disclose the identity of the two targeted assets, but said that both have combined coal reserves of hundreds of millions tons.

GEMS recently completed the acquisition of PT Era Mitra Selaras for US$37 million. Era has coal concessions in South Sumatra and West Sumatra provinces, with combined reserves of 68 million tons. Fuganto said previously that Era is targeted to start production in 2018.

Editing by Reiner Simanjuntak