Goldschild to boost coal output, eyeing IPO in 2015
Wednesday, June 5 2013 - 02:00 AM WIB
Coal mining company PT Goldschild Integritas Abadi, a subsidiary of IDX-listed PT Inovisi Infracom Tbk, aims to bolster output from two newly-acquired coal concessions in South and East Kalimantan to 5 million tons next year.
Production from the two concessions, acquired in January, is expected to reach 3.5 million tons this year, Inovisi Finance Director Ooi Kock Aun (Adrian) told Petromindo.com Tuesday.
After achieving the 5 million-ton production target, Goldschild plans to launch an initial public offering (IPO) to raise funds to help develop the concessions. ?We want to achieve the 5 million-ton annual production target first, before deciding on the IPO. We hope to realize the production target in 2014,? Adrian said, while adding that the company wants to raise about US$1 billion in IPO proceeds..
The two concessions have a combined coal reserves of about 120 million tons, with calorific value of about 5,300-5,700 kcal per kg, ADB. About 70 percent of the coal output is exported mainly to China and Thailand, while the remainder for the domestic market.
The acquisition of the two concessions marks the diversification of Inovisi to the coal mining sector from its original core business in the telecommunications sector.
Editing by Reiner Simanjuntak