PTBA plans to acquire coal mine next year

By Thomas Sembiring & Nova Farida

Petromindo|Khalsa

IDX-listed coal giant PT Bukit Asam Tbk (PTBA) plans to acquire a coal mine in Kalimantan next year as part of expansion strategy.

?We?re looking for mine which is already operating,? said Adib Ubdaillah, Corporate Secretary of PTBA, to Petromindo.com on Tuesday.

Adib said the company is preparing to carryout due diligence process. While did not disclosing the location, he said that the target asset has coal reserves of more than 100 million tons, with calorific value of around 4,000-5,000 kcal/kg. The company is expected to spend more than US$100 million for the planned acquisition.

Editing by Reiner Simanjuntak