Independent consultant still assessing Tuah Turangga?s acquisition plan
Tuesday, January 10 2012 - 02:26 AM WIB
A coal mining company, PT Tuah Tarungga Agung (TTA), a subsidiary of IDX-listed heavy-equipment distributor and coal mining company PT United Tractors (UT) Tbk has said that an independent consultant was still working to assess the planned acquisition of 60 percent stakes in Duta Nurcahya.
The company would use the assessment to decide on whether or not to continue the acquisition of Duta Nurcahya Mine located in Central Kalimantan with the total concession of 4,999 hectares.
?We have appointed an independent consultant to review the reserve of coal (in Duta Nurcahya Mine). The assessment would be our basis on whether or not to continue acquiring 60 percent stakes,? Gidion Hasan, UT?s business division?s director who also led the company?s mining unit has said.
He said that the decision would be made before the end of the first quarter this year.
United Tractors currently has six coal mining companies with the total coal reserves of between 254 million tonnes and 369 million tonnes.
Of the six, only two companies namely PT Prima Multi Mineral (PMM Mines) and PT Tuah Turangga Agung (TTA) which have been in production stage with the total capacity of 5 million tonnes.
PT TTA which started the commercial production in 2010 produced the coal with calorific value of 6,300 kcal/kg (adb) from its site in Kapuas, Central Kalimantan.
Editing by David Mustakim