ITM looking for new concession to acquire

By Hiski Darmayana

IDX-listed PT Indo Tambangraya Megah Tbk (ITM), the Indonesian unit of Thai giant Banpu, is searching for a new concession to acquire.

"We are targeting to acquire concession with a minimum reserve of 50 million of coal with medium to high calorific value,? company director Edward Manurung told Petromindo.com recently, not mentioning the detail.

ITM, targeting to produce and sell a total of 29 million tons of coal this year, is relying on long term contracts for its products, with China, Japan and India remain three of the company's key markets, currently accounting to 77 percent of the total.

Editing by Er Audy Zandri