Samindo close to bag new mining contract

By Alexander Ginting

Courtesy of Samindo

IDX-listed mining contractor PT Samindo Resources is finalizing coal mining contract with an undisclosed coal mining group.

The company said that under the contract, it will remove 7 million bcm of over burden and 400,000 tonnes of coal annually from the mine which is located in East Kalimantan.

Coal produced will have CV of 7,700 kcal/kg, according to the company in a report filed with the IDX Wednesday. The mine has mineable reserves of 6 million tones and Samindo will be contracted for 30 months starting July this year.

Contract is expected to be sealed this month, the company said.

Samtan is 64% owned by Korean conglomerate Samtan Corp.