PTBA stops exploration until March 2013
Tuesday, September 11 2012 - 02:15 AM WIB
By Romel S. Gurky
State owned miner PT Perusahaan Bukit Asam recently stated it will not conduct any resource exploration activities, under the exception of areas which it has acquired exploitation rights, for the next six months or until March 2013.
"Bukit Asam will only focus on increasing the resources, and not finding new resources," a company executive said to the Indonesian Stock Exchange.
The company previously stated it had allocated Rp5 trillion for acquisition of two coal mining areas in Kalimantan, expecting to increase the company's reserve by up to 7.3 billion tons and to increase production by 35 percent to 17.42 million tons this year.
Editing by Audy Zandri