INVS to acquire five more coal concession areas

Publicly listed telecommunication and information technology company PT Inovasi Infracom Tbk (INVS) will further expand its coal mining operations by acquiring more coal mine concessions in Kalimantan, Kontan reported on Wednesday.

Through its subsidiary Goldchild Integritas Abadi, INVS will acquire five more coal concession areas in West Kalimantan for about Rp 90 billion, INVS?s corporate secretary Benita Sofia said in Jakarta on Tuesday. He said that with the acquisition, the company will operate 10 coal concession areas in Kalimantan.

Benita said that Goldchild had previously acquired five coal concession areas in West Kutai, East Kalimantan in Kapuas and North Barito, Central Kalimantan.

He said that the new concession areas had secured mining permits for exploration. ?At present, INVS is still waiting for mining permits for production so that the production can be commenced,? he added.

The five coal concession areas have coal reserves of between 32 million tons and 56.5 million tons of coals with calories of between 5,600 and 6,500, each.

INVS expected the mining operations would contribute about 10 percent of the company?s total sales in the next few years.(*)