Indika acquires MTU
Saturday, February 18 2012 - 02:36 AM WIB
Indonesian-listed energy firm PT Indika Energy Tbk reported on Friday that on February 15, 2012, it has signed a deal to acquire 85 percent stake at marketing right of coal mining firm 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.
Prior to the acquisition, MTU is controlled by Thai firm Asia Thai Mining Company Limited.
According to MTU?s website, the mine has total reserves of more than 30 million tonnes of bituminous, low ash coal with production capacity set at 4.8 million tons per annum.
Activity at MTU was halted after the company was charged with allegation that it violated Forestry Law in its operations.
Editing by Alexander Ginting