Harum prepares funds to acquire coal mines

By Nova Farida

Petromindo|Lucky

IDX-listed coal firm PT Harum Energy Tbk said it will continue efforts to acquire new coal mines to help increase its coal reserves as it diversifies into power plant business.

Harum President Director Ray Antonio Gunara said on Tuesday the company has sufficient cash reserves to make the acquisition. ?Every year we always plan to acquire coal mines. We?ll continue this acquisition efforts. As per March 2017, the company?s cash position stood at US$232.3 million, so we still have internal funds for the acquisition,? he said.

?We?re looking for new business opportunities. If there are coal mines producing low rank coal, we?re interested, it can be in line with our plan to expand into power plant business. We?re also interested in coal mines producing high calorie coal,? he added.

Editing by Reiner Simanjuntak