Samindo seeks to acquire coal concession

By Thomas Sembiring

IDX-listed coal mining services company PT Samindo Resources Tbk reiterated its intention to acquire a coal concession in East Kalimantan to support the company?s future plan to diversify into power generating business.

Samindo Director S. Witoro Soelarno said on Tuesday that the targeted concession must have proven reserves of at least 200 million tons, and calorific value of more than 4,500 kcal/kg (GAR).

He expected the planned acquisition to be realized within the next three years. He said that the company may seemingly slow in realizing the planned coal mine acquisition as it has to be extra careful given the current volatile global coal market condition.

Witoro said that Samindo, which is controlled by South Korea?s Samtan Group, the company plans to develop up to 100 MW-capacity power plant in Indonesia. No further details were provided about the plan.

Samindo currently provides coal mining services to its only client, East Kalimantan coal firm PT Kideco Jaya Agung.

Editing by Reiner Simanjuntak