Indika new coal mine to begin operation in fourth quarter
Friday, June 15 2012 - 02:19 AM WIB
IDX listed PT Indika Energy Tbk expects that coal mines owned by the company?s newly acquired subsidiary PT Multi Tambangjaya Utama (MTU) will begin production in the fourth quarter of this year with an initial output of 300,000 tons.
?We are targeting MTU will begin production in the fourth quarter of this year. If this target could not be achieved, the production could be started in 2013 at the latest,? the company?s President Director Arsjad Rasjid said.
He said when the production reached its full capacity, MTU would produce about 3 million tons of high thermal coal a year in 2013, and 1 million tons of coking coal in 2014. ?If we are able to produce high thermal coal in fourth quarter, 2012, we can produce coking coal in 2013. If not, coking coal production will begin in 2014,? he added.
Indika Energy acquired MTU in the first quarter of this year. MTU operates its coal mines of 24,970 hectares in Central Kalimantan under a coal mining permit (PKP2B) of third generation.
The company is in a process of getting a new license to allow it to resume production at the coal mining concession. It has been also developing infrastructure and necessary mining logistics, such as hauling road, conveyor, and barge jetty.
Editing by Benget Besalicto Tnb.