Medco acquires E. Kalimantan coal mining concessions
Tuesday, June 30 2009 - 01:58 AM WIB
IDX-listed energy firm PT Medco Energi inetrnasional announced on Tuesday that its mining unit PT Medco Energy Mining Internasional has acquired two coal mining concessions in East Kalimantan from companies controlled by Medco?s ultimate shareholders.
The company said it had signed deal to acquire stakes at PT Duta Tambang Sumber Alam (DTSA) Duta Tambang Rekayasa (DTR) for US$886,000.
According to Medco, the mines have high quality coal with CV of more than 7,000 kcal/kg with annual production target of 500,000 tonnes.
DTSA and DTR have two mining license rights with combined area of 6,200 hectares in Simenggaris, Nunukan regency.(alex)