Govt says Kideco-proposed divestment price still too high
Friday, November 9 2001 - 02:41 AM WIB
A source at the ministry of energy and mineral resources said that the government wanted the shareholder of coal mining firm PT Kideco Jaya Agung to lower its divestment price as it is still deemed to high.
The source said that Kideco was expected to propose a new price next week.
He declined to provide details.
Kideco, a foreign coal mining firm operating in Pasir regency, East Kalimantan, is obliged to divest 37 percent shares to local investors this year. Reports earlier said that state-owned tin mining firm PT Timah and the East Kalimantan administration were interested in the stake.
Kideco, which is wholly owned by Sam Tan Co. Ltd. of South Korea, plans to produce some 10 million tons of coal this year.(Godang)