Mitrabara signs EPC contract for port expansion

By Romel S. Gurky

IDX-listed coal miner PT Mitrabara Adiperdana Tbk said Thursday that its subsidiary PT Baradinamika Muda Sukses has on September 23 signed an engineering, procurement, and construction (EPC) contract with construction and engineering firm PT PP Tbk for the development a 5 million-ton per annum coal handling facility and jetty at its coal port.

Mitrabara said in a statement that Rp 123.35 billion project forms part of the company?s plan to expand its coal port facility in Malinau Regency, North Kalimantan, to accommodate planned doubling in coal production to 5 million tons per year from the expected 2.5 million tons for this year.

Financing for the coal port expansion project comes primarily from the more than Rp 319 billion proceeds of the company?s recent initial public offering. The project is expected to be completed next year.

Editing by Reiner Simanjuntak