Govt to form mining holding company next month
Tuesday, February 28 2006 - 05:27 AM WIB
The government expected to complete the formation of a holding company to synergize the operation of three state-owned mining companies; PT Tambang Batubara Bukit Asam Tbk, PT Aneka Tambang Tbk and PT Timah Tbk, in March this year, a minister said on Tuesday.
State Minister for State Enterprises Sugiharto explained to the House of Representatives that the government had appointed strategic consultant Citigroup, legal consultant Sumadipraja & Taher, financial advisor JP Morgan and taxes consultant MS Taxes for the establishment of the firm to be called Indonesia Resources Company (IRC).
Sugiharto said the formation fo IRC would enable the three firms to accumulate a large amount of capital for their business expansions.
The holding company will also cut operation costs as the firms? technology, human resources, marketing, exploration will be jointly synergized. (godang)