PTBA delays acquisition of new coal concessions

By Hiski Darmayana

IDX-listed coal giant PT Bukit Asam Tbk (PTBA) has decided to delay plans to acquire new coal concessions amid the lingering downturn in the global coal market.

?We?re currently focused on increasing efficiency, margins, and focused on projects which could support our competitive edge,? PTBA President Director Milawarma told Petromindo.com.

Last year, the company unveiled plans to acquire new coal concessions in a bid to generate greater value added. According to Milawarma as reported by CoalAsia in its August 2013 edition, PTBA has received about 30 proposals of coal concessions, but none have met the company?s specifications.

PTBA currently holds four coal concessions located in South Sumatra, West Sumatra, Riau, and East Kalimantan provinces, with combined acreage of 90,832 hectares and total estimated coal resources of 7.29 billion tons.

Editing by Reiner Simanjuntak