Samindo sets aside $100m for coal acquisition

By Romel S. Gurky

Petromindo|Khalsa

IDX-listed coal mining contractor PT Samindo Resources Tbk said Wednesday it has set aside up to US$100 million to finance acquisition of a coal mine as part of diversification strategy.

Samindo said in a filing with the Indonesia Stock Exchange that the company will prioritize mine located in Kalimantan particularly East Kalimantan Province.

The company said it has reviewed a number of acquisition targets, and found out that the toughest challenge in operating the mine is the problem of overlapping permit, aside from difficult access to the mine location, thus will require the company to develop road infrastructure for transportation.

Editing by Reiner Simanjuntak