New owner plans to sell stake at SMU mine
Thursday, February 28 2013 - 02:42 AM WIB
East Kalimantan coal miner PT Borneo Emas Hitam (BEH) is planning to sell its stake at newly acquired coal mine PT Sarana Mandiri Utama (SMU), which is located in Sesayap, Bulungan Regency, East Kalimantan , an industry source told Petromindo.Com.
BEH bought the mine from PT Modal Investasi Mineral (MIM), a subsidiary of IDX-listed firm ATPK Resources, at the end of 2012, the source said, without giving further details. ATPK, through its subsidiary MIM owned a 70 percent stake in SMU.
In June 2012, ATPK Resources said the company would divest shares in 5 mining units during the year, losing three coal mining concessions and one nickel concession.
The five companies are the subsidiary of a company acquired by ATPK in 2006, PT Modal Investasi Mineral (MIM), namely PT Sarana Mandiri Utama (coal), PT Damanka Prima (coal), PT Tuhup Coal Mining (coal), PT MIM Coal Power (coal/paper company) and PT MIM Nikelindo (Nickel).
?We're divesting our shares in these companies to be able to focus our coal business through our subsidiary PT Mega Alam Sejahtera,? said ATPK Resources Director Albert Bangun in Jakarta on June 28.
?Sarana Mandiri Utama's concession, for example, is overlapping with other mining concessions after the expansion of Tana Tidung regency, as the regent released IUPs in the area," he said, without disclosing the expected results of the divestment, though not expecting too much.
"Problems related to each concession become a key consideration in deciding the divestment prices. What's certain is that the offered prices should at least be in par with our first investment value when acquiring these companies in 2006," he said, adding that the divestment will be done immediately.
Editing by Reiner Siamnjuntak