Medco seeks to complete coal mine acquisition

By Godang Sitompul

IDX-listed integrated energy company PT Medco Energi Internasional Tbk through its coal mining subsidiary Medco Mining is in the process of completing acquisition of a coal mine.

"We're not divesting Medco Mining despite the current (coal) downturn. In fact we're acquiring a new coal mine. We're completing the acquisition," said Medco Energi CEO Hilmi Panigoro to Petromindo.com Thursday, but declined to provide further details.

Medco Mining currently has two coal concessions in Nunukan, North Kalimantan, operate by two subsidiaries PT Duta Tambang Rekayasa and PT Duta Tambang Sumber Alam.

Editing by Reiner Simanjuntak