Reswara to acquire coal mine in Kalimantan
Saturday, June 10 2017 - 05:52 AM WIB
Petromindo|Dasir
Coal mining company PT Reswara Minergi Hartama said it hopes to realize its plan to acquire a coal mine in Kalimantan at the end of this year as the company seeks to increase coal reserves.
President Director of Reswara, Irfan Setiaputra said on Friday that the company is currently assessing a number of acquisition targets in Kalimantan.
?We want to add new asset starting this year. We want (coal mine) already equipped with infrastructure so that (production) can start within two to three months (after acquisition),? he said.
He added that the acquisition target must have coal reserves of at least 25 million tons. ?We don?t want greenfield mine because it will take up to three years to be able to start production, and requires huge investment,? he said.
Reswara operates coal mines in South Kalimantan and Aceh, run respectively by subsidiaries PT Tunas Inti Abadi, and PT Mifa Bersaudara and PT Bara Energi Lestari.
This year, Tunas Inti is expected to produce 5.5 million tons, while Mifa to produce 2.5 million tons.
Irfan said that the company sells its coal output to domestic market and exports to India. The company is looking to expand its overseas markets to include China and Thailand.
Editing by Reiner Simanjuntak