Indika to spend $100m to explore new coal concessions
Wednesday, January 7 2009 - 11:41 PM WIB
IDX-listed miner and contractor PT.Indika Energy Tbk will spend up to US$100 million in two years to explore 13 coal mining concessions it had just acquired in West Kalimantan, a company official was quoted by Investor Daily as saying.
Investor Relations Head Retina Rosabai said exploration programs on the concessions will start mid-2009.
Indika expected production would start in 2011 with initial output of 2 million tonnes per annum.
The company signed deal to acquire the concession in December 2008 from Westlake Capital Pte.Ltd for US$18 million.
The concessions cover total area of 53,000 hectares with reserves estimate of 150 million tonnes, according to the daily. (*)