Mitrabara to double coal port capacity

IDX-listed coal mining firm PT Mitrabara Adiperdana Tbk said that construction of its port expansion project in Malinau, North Kalimantan, is expected to start this year.

This was said by company President Director Khoirudin as quoted by Kontan Friday. ?It?s currently in tender (process), construction is expected to start this year,? he said, adding that the port expansion project will be handled by subsidiary PT Baradinamika Muda Sukses.

He said that once completed, the expansion project will double the port?s capacity to 5 million tons per year.

Mitrabara raised Rp 319 billion in proceeds via initial public offering (IPO) on Thursday. About 58 percent of the proceeds will be allocated for Baradimaka to finance the port expansion project and development of new facilities such as conveyor system as well as for equipment replacement and engine overhaul. (*)