Indika?s subsidiary signs service and leasing contract
Tuesday, May 3 2016 - 02:47 PM WIB
IDX-listed energy firm PT Indika Energy Tbk announced on Tuesday that its subsidiary PT Multi Tambangjaya Utama (MTU) has signed a mining service and equipment leasing contract with PT Mitra Abadi Mahakam (MAM).
Under the contract, MAM will manage coal mining (including mining service and equipment leasing) at MTU?s concession in the regencies of Barito Selatan, Barito Timur and Barito Selatan in Central Kalimantan province.
The contract is effective six years from 2016 through 2021.
Indika acquired 85 percent stake of MTU in the 2012, a high-rank bituminous thermal and coking coal holding a third-generation CCoW based in Central Kalimantan, with a concession area of 24,970 hectares. Located approximately 30 km northeast of Ampah city and approximately 250 km north of Banjarmasin, MTU has developed coal hauling roads with a capacity of 3.0 million tons per year and a barge port with a capacity of 5.0 million tons per year, while continuing to upgrade and expand its infrastructure to support future mining operations.
Editing by Johannes Simbolon