MME secures buyers for 2011 coal production
Wednesday, July 20 2011 - 02:35 AM WIB
The official said that the firm's mine, which is located in Muara Enim regency, produces 100,000 tonnes of coal per month, starting May this year. "This year, we plan to produce 1.35 million tonnes and increase the output to 1.5 million and 2 million tonnes next year,? the official said.
The company has clinched supply deals with local and foeeign buyers, including to Thai cement maker Siam Cement, Suralaya power plant in Banten and PLN?s Bukit Asam power plant in South Sumatra, the official added.
The official did not specify the amount of supply to each of the companies.
MME started production last August. The company's coal has a calorific value of 5,800 (ADB).
In June 2010, MME was sold by publicly-listed construction firm PT Truba Alam Manunggal Engineering to its creditor PT Galaksi Nusantara Kencana as part of a deal to convert Truba?s debt worth of Rp 162.5 billion into equity in the unit firm.
Following the deal, Galaksi Nusantara holds a 87.99 percent stakes in MME while Truba?s stake was cut to 12.01 percent, from 90 percent earlier.
MME has concession of 5,574 hectares with reserves estimated at 140.8 million tonnes. (denny)