Indika acquires another coal mine
Wednesday, March 28 2012 - 01:47 AM WIB
IDX-listed firm PT Indika Energy TBK announced on Tuesday that it has, on March 21, 2012, through its subsidiary PT Indika Energy Resources, signed deal with Pacific Emperor Holdings Limited to acquire 60 percent stake at PT Mitra Energi Agung (MEA) for US$27 million.
MEA has a 5,000-hectare coal mining concession located in Kaubun sub-district, Kutai Timur regency, East Kalimantan.
Indika is currently conducting staged and comprehensive exploration on the concession, the company said without giving further detail.
Earlier this year, Indika also closed deal to acquire 85 percent stake at Central Kalimantan miner PT Multi Tambangjaya Utama for US$132 million.
MTU is a coal contract of work (CCoW) holder operating a near production mine in Barito Selatan regency, Central Kalimantan, covering an area of 25,000 hectares.