ITMG looks for acquisition opportunities

IDX-listed coal mining firm PT Indo Tambangraya Megah Tbk (ITMG) is seeking to acquire coal mine particularly in East Kalimantan as one of its concessions in the province is set to soon cease production due to depleting reserves.

?We?re looking for (acquisition) opportunities particularly in East Kalimantan,? ITMG President Director Leksono Poeranto told Kontan daily on Tuesday. No further details were provided about the acquisition plan.

As has been previously reported by this portal, ITMG announced in August it was making final preparations for the closure of its Tandung Mayang concession in East Kalimantan in November of this year.

The company first announced in May the closure plan for the Tandung Mayang mine, run by subsidiary PT Kitadin, due to depleting reserves.(*)