Padang Karunia buys stake at S. Kalimantan coal mine
Wednesday, January 13 2010 - 05:39 AM WIB
Kalimantan coal mining group Hasnur Group has sold 50 percent of its stake at South Kalimantan coal miner PT Bhumi Rantau Energi (BRE) to Padang Karunia Group, a Petromindo.Com source said.
The source said the deal was closed in October 2009.
The source said that BRE would boost production to 300,000 tonnes per month in 2010 from 50,000 tonnes per month in 2009.
Padang Karunia Group is a holding company controlled by Indonesian top businessmen Teddy P. Rachmat and Garibaldi Thohir, who also control IDX-listed giant coal mining firm PT Adaro Indonesia.
The source also said that Hasnur is also in negotiation to sell its entire stake at its subsidiary PT Mantimin Coal Mining (MCM), which is currently at construction stage.
The source said Hasnur is negotiating with Indian company.
MCM is a Coal Contract of Work holder with an area of 100,000 hectares.(denny)