Indian firm eyeing stake at Kalimantan coal mine
Thursday, March 20 2008 - 08:07 PM WIB
Indian firm SPS Steel & Power is close to buying a strategic interest in East Kalimantan coal miner PT Kartika Selabumi Mining, Times of India reported on Thursday.
The report said the Kolkatta-based firm will pick up to 40 percent stake in Kartika.
Bipin Kumar Vohra, vice chairman & MD, SPS Steel & Power said, "We will explore the Indonesian mine to determine the exact extent of coal reserve after which we would be able to arrive at a final valuation for the deal."
Kartika produced coal with average CV of 7,500 Kcal/kg with production of 1,1 million tonnes in 2006. (*)