PHI Group acquires C. Kalimantan coal miner
Saturday, May 16 2015 - 03:08 AM WIB
US-based PHI Group Inc., which is engaged in energy and natural resources, announced Friday that it has signed an agreement to acquire a 70 percent ownership in Indonesian coal mining firm CV Berkat Do'A Mama (BDM).
BDM owns a 6,200-hectare coal concession in Kapuas, Central Kalimantan.
The calorific value of the coal is GCV 5,800-5,600 Kcal/kg ADB and estimated deposit is 33-50 million metric tons. BDM and the company believe there are several favorable options for coal products from this mine, including exports to Vietnam and Thailand for coal-fired power plants and cement factories, shipping to a power plant to be built in Papua Province or building a mine-mouth power plant in Kapuas, Central Kalimantan.
PHI said in a statement that the closing of this transaction is subject to the results of a drilling program to be conducted in the near future.
Henry Fahman, Chairman and CEO of PHI Group: "We are delighted to cooperate with BDM to develop this mine and eager to pursue other energy-related transactions together. This is part of our long-standing plan to secure both conventional and renewable energy assets to meet the growing global energy demand."
Editing by Reiner Simanjuntak