Permata Prima plans to acquire new coal concession

By Hiski Darmayana

IDX-listed coal miner PT Permata Prima Sakti Tbk plans to acquire a new coal concession as the current coal market downturn provides cheaper valuation of assets.

Director Aris Munandar said on Wednesday that to date the company has yet to be able to identify suitable target. ?One of the criteria is that the (targeted) concession has minimum reserves of 50 million tons,? he said, while adding that the company is not too concerned with the calorific value of the coal.

Permata Prima currently holds two concessions including Riau Baraharum in Riau and Nusantara Thermal Coal in Jambi, with combined reserves of 60 million tons and calorific value of GAR 5,500 kcal/kg.

The company this year aims for a flat production at about 2 million tons, of which 75 percent would be exported to Thailand, Malaysia and China.

Editing by Reiner Simanjuntak