India?s Rohit Ferro acquires stake in C. Kalimantan coal mines
Monday, June 9 2008 - 02:49 PM WIB
Indian firm Rohit Ferro Tech Ltd announced on Monday that its Singapore-based wholly-owned subsidiary has signed the definitive agreements with the PT. Pacific Samudra Perkasa (PSP) to acquire economic interest in two Central Kalimantan coal-mining companies.
Under the deal, the Indian firm will buy 60 percent interest owned by PSP in PT Palopo Indah Raya (PIR) and PT Bara Prima Mandiri (BPM).
PIR has a 3,843 ha concession which is believed to have 20 milion tons of coal deposit with a calorie content of 5,400-5,600 Kcal/kg. The mine is expected to start production in July 2008.
Meanwhile, BPM has a concession measuring 3,851 Ha. The mine is expected to start producing coking coal (7,800-8,300 Kcal/Kg) in June next year from a reserve of around 5 million tons. (alex)