Straits readies fund to expand Indonesian portfolio
Tuesday, October 13 2009 - 07:06 AM WIB
Singapore Exchange-listed coal mining Straits Asia Resources Limited readies up to US$ 350 million to expand its Indonesian coal portfolio, a company official said on Tuesday.
CFO Graeme Tivey said that the company is looking to acquire brownfield mines, which are easier to develop than Greenfield projects.
He did not give further detail, but currently, all of the company?s mines in Indonesia are located in Kalimantan.
Straits is currently producing coal from its two producing mines namely PT Bahari Cakrawala Sebuku in South Kalimantan and PT Jembayan Muara Bara in East Kalimantan. (denny)