Renuka hopes to secure coal trade license in January

By Romel S. Gurky

Petromindo|Boim

IDX-listed PT Renuka Coalindo Tbk said it hopes to be able to obtain the required coal trading license, known as IUP OPK license, from the Ministry of Energy and Mineral Resources in January of next year to be able to carry out coal trading and export.

The company said in a statement on Wednesday that the process to secure the license turns out to take longer time after the ministry made changes to the requirements to help curb illegal coal trade activities. Renuka said it is currently reviewing the new requirements. ?The company is confident the process can be concluded in January 2018,? the company said.

Renuka has previously said that once it has secured the license, it will immediately start coal trading and export to India.

Renuka announced in June of this year that it has completed the sale of its two coal mines PT Jambi Prima Coal and PT Surya Global Makmur, both located in Jambi Province, to an undisclosed party, and will focus on becoming coal trader.

Renuka has signed long-term contract to supply coal to its parent company Indian sugar manufacturer Shree Renuka Sugars Limited.

Editing by Reiner Simanjuntak