Pama sells S. Kalimantan coal mine
Thursday, April 28 2011 - 01:51 AM WIB
Coal mining contractor unit PT Pamapersada Nusantara (Pama), a subsidiary of heavy equipment distributor cum coal miner PT United Tractors Tbk (UT), has sold its coal mining unit PT Ekasatya Yanatama in South Kalimantan to an undisclosed buyer.
UT said in its prospectus on Thursday that Pama and the buyer signed the deal on October 12, 2010 but no payment has been made. Pama will sell its entire 99.9% stake in Ekasatya.
According to the prospectus, Ekasatya, which is in construction stage, is the holder of a coal contract of work (CCoW) which expires on November 12, 2012 with a concession of 5,587 hectares.
The mine is located in Kota Baru regency with measured reserve of around 2 million tonnes (based on Pama?s internal estimation as of December 31, 2010). (denny)