Param Mitra Coal secures $7.5m investment
Friday, July 4 2014 - 12:54 AM WIB
Param Mitra Coal Resources Pte Ltd (PMCR), which owns two operating coal mines in Indonesia, has secured from Singapore private equity investor, Tembusu Partners Pte Ltd, an investment of US$7.5 million out of the $20 million investment underwritten in January 2014 by The Islamic Bank of Asia (IB Asia), Tembusu said in a statement obtained on Friday.
?With a proven track record of investing in growth companies across Asia, Tembusu seeks to complement IB Asia to extend its expertise and network to accelerate PMCR?s business growth. PMCR is the eighth investment made under Tembusu?s Growth Fund II,? the statement said.
PMCR?s Kalimantan mines have a resource base of approximately 500 million metric tons (?MT) (JORC-certified) and plans to ramp up production to approximately 5 million MT per year within the next three years in preparation for an eventual IPO.
PMCR, backed and managed by the Sindhu family ? which owns leading India-based coal, logistics and power player Sainik-Aryan Group ? has invested over $50 million to date to develop the Indonesian coal assets and infrastructure and expand production, the statement explained.
Leveraging on the fast-growing energy requirements across Asia and the management?s rich experience in the coal mining, logistics and power generation business, PMRC has secured offtake arrangements with Indonesian and Indian clients.
Dev Sindhu, Chief Executive Officer of PMCR, said: ?We endeavour to develop PMCR as an integrated player in the coal mining sector, focusing on developing a complete solution for all services, from pit to port, under one umbrella.?
Editing by Reiner Simanjuntak