PTBA allocates $50 million to acquire coalmines in Kalimantan

State-owned coal producer PT Tambang Batubara Bukit Asam has allocated US$50 million in a bid to acquire coal mining concessions in Kalimantan.

"We hope that due diligence on two coal mines in South Kalimantan and two in East Kalimantan will be completed by April," PTBA's president Ismet Harmaini said in a shareholders meeting on Tuesday.

Ismet said the acquisitions would be made either by PTBA alone or through a joint venture with partner company(s).

Meanwhile, PTBA's shareholders meeting have agreed to replace Simon Felix Sembiring with Jarman as president commissioner of the company. Simon is director general of geology and mineral resources at Ministry of Energy and Mineral Resources.

The meeting also agreed to appoint Supriyadi and Singgih Riphat as commissioner and independent commissioner, respectively.

PTBA operates two mining units located in Tanjung Enim (South Sumatra) and Sawah Lunto (West Sumatra). The company produced 9.9 million tons of coal last year. (godang)