PTBA acquires coal mine and infrastructures

IDX-listed state owned coal miner PT Bukit Asam (PTBA) announced that its subsidiary PT International Prima Coal (IPC) acquired on Thursday (today) PT Tabalong Prima Resources (TPR), a coal mining company in Tabalong regency, South Kalimantan, and PT Mitra Hasrat Bersama (MHB), a coal infrastructure company in Barito regency, South Kalimantan.

Both TPR and MHB operate integratedly, the firm said.

TPR has 292 million ton resources, including 109 million tons of mineable reserve in the Operation and Production IUP working area measuring 3,145 ha with a stripping ratio of 4.16

Meanwhile, MHB operates a jetty located on the side of Barito river able to accommodate 300-feet or around 10,000 DWT barges and a stockpile on 60 ha of land, equipped with loading and unloading facilities using conveyor belt.

MHB also operates a 85.5 km hauling road connecting the TPR mine with the jetty. Both firms will continue operating integratedly under IPC, PTBA said, adding MHB is also ready to serve other coal firms operating nearby, aside from TPR.

Both firms are valued US$36 million. PTBA made a front payment of $12.3 million or 34.7 percent of the total value on Thursday and will pay the rest six months from the signing of the acquisition agreement at the latest.

Editing by Johannes Simbolon