Mincorp acquires 5.5 pct stake in ATPK Resources
Friday, May 18 2007 - 01:10 AM WIB
UK- based company Mincorp Plc. said it has acquired a 5.5 pct interest in Jakarta-listed mining firm PT ATPK Resources Tbk for £1.1 million in cash.
“It sees substantial value in ATPK, once the company develops the five Indonesian coal mines it acquired last October, which contain substantial reserves of steaming coal,” Mincorp said in statement filed with the London Stock Exchange on Wednesday.
According to Mincorp, ATPK is engaged in the mining of coal and has commenced exploration for nickel and gold. For the year ended 31 December 2006 ATPK reported a loss of £2.0 million. At that date ATPK had net assets of £3.1 million.
In March 2007, ATPK said that it would start coal production from four coal mining subsidiaries in Kalimantan mines in the third quarter of this year, with initial combined production of 140,000 tons per month. (denny)