Renuka to start coal export business next year

Petromindo|Lucky

IDX-listed PT Renuka Coalindo Tbk said it hopes to start coal export business next year, after having recently obtained the so-called IUP OPK coal trading and transport license from the government, Investor Daily reported on Monday.

The paper quoted Renuka President Director, Shantanu Lath as saying that after divesting its coal mines, the company will now focus on coal trading business. ?The rising trend in coal price allows us to focus on coal export next year,? he said.

The company, as reported by this portal, previously said it intends to purchase coal from Indonesian mining firms and export the commodity to India.

The company said that the increase in coal price and stability in the market enables it to focus on coal trading.

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 controlling company Indian sugar manufacturer Shree Renuka Sugars Limited. (*)