Intra Asia to acquire three coal mines

Petromindo|Khalsa

Coal firm PT Intra Asia Indonesia, a local subsidiary of Singapore?s Intra Asia Trading Pte Ltd, plans to acquire three producing coal mines in Kalimantan in a bid to expand its coal operations in Indonesia, Kontan reported on Monday.

The paper quoted Intra Asia Indonesia Director Jamal Nasir Bamadhaj as saying that the company is currently in negotiation process and hopes to conclude the acquisition next year to allow it to start coal export particularly to Vietnam, which requires low rank coal for plants, and capitalize on the current recovery in the price of the commodity. The company was looking to export between 3-5 million tons of coal next year.

Intra Asia currently has three coal concessions, also in Kalimantan, but are currently at the stage of preparation for exploration activities, expected to start next year. As its coal assets have yet to start production, the company has not been able to carry out coal trading activities from Kalimantan.

Elsewhere, Jamal said that Intra Asia was also interested to partner with Indonesian state-owned enterprises in coal mining business and power plant development. (*)