PHI Group to acquire RI coal mine

By Romel S. Gurky

Energy and natural resources company PHI Group plans to acquire 95 percent of PT HMM, an Indonesian producing coal mining company with 10,000,000 MT of indicated coal resources in East Kalimantan.

This was said by PHI Group Chairman and CEO Henry Fahman, who spoke Thursday at the 11th Annual Coal Markets Conference in Singapore. The company has signed a letter of intent to acquire PT HMM.

The company will complete an independent due diligence review of this concession and prior to signing definitive agreements to fix the final price, terms and conditions for closing, subject to satisfactory verification results.

This transaction is part of PHI Group's on-going program to build a growing portfolio of energy resource assets and provide long-term coal supplies to Vietnam and other Asia Pacific countries, Henry said.

Editing by Reiner Simanjuntak