Intraco Penta to finalize coal mine acquisition
Thursday, May 19 2011 - 09:27 AM WIB
The firm expects the due diligence process to be completed in June or July this year. ?We will announce to the media once the due-diligence is completed,? the company?s finance director Fred L.Manibog told reporters in a press conference.
The mine has around 100 million tonnes in thermal coal reserves, he said. The mine has not yet been in production stage but once the firm acquired the mine, it will immediately start production, he said without giving further details.
The company sold 304 units of heavy equipment, mostly to coal miners, during first quarter of this year, compared to the total target of 1,293 units for this year, he said.
Of the 304 units sold in the first quarter, 103 were excavators, 98 articulated dump trucks (ADT), the rest other types of heavy- equipment, he said.
The company is on track to meet its heavy-equipment sales target for this year because a majority of coal mines in Indonesia are in expansion mode despite the lingering unfavorable condition during first quarter, particularly caused by heavy rains. The company has also bagged ?sales on hand? order for 593 units of heavy equipment, which are to be delivered to customers in June-July of 2011, he said.
He expected that weather condition at the country's mines will be better during the second to third quarter of this year.
The company bagged Rp 34.7 billion (1 US$ = Rp 8,500) of net profit during first quarter of this year, a 240 percent increase compared to same period of last year. (denny)