Indian firm buys E. Kalimantan mine
Tuesday, January 8 2008 - 02:23 AM WIB
Indian textile and chemical firm OSWAL GROUP has agreed to buy 100 percent stake of East Kalimantan coal mining firm PT.Garda Tujuh Buana for approximately US$15 million, an industry source told Petromindo.Com on Monday.
The source said the deal was signed on December 5, 2007.
Garda Tujuh Buana operated low-rank coal mine in Bunyu Island but was forced to cease operations early 2007 due to financial problems.
In 2006, the mine produced 300,000 tonnes of coal, some of which were exported to The Phillipines.
According to the company official interviewed in 2007, the mine's crushing facility and jetty could accommodate production up to 5-6 MTPA.
According to the official, Garda Tujuh Buana has reserves of 100-150 million tonnes in 2,000 hectares concession with CV ranging from 4,800 to 5,200 kcal/kg.(denny)