STX to up its Indonesian coal production to 5MT
Tuesday, October 11 2011 - 09:07 PM WIB
South Korean firm STX Corp. plans to increase revenues generated from its coal mine in Indonesia to $200 million next year, and push up the mine?s output to 5 million tonnes by 2013, The Korea Herald reported.
STX Corp. acquired 40 percent of the mine from the Indonesian mining firm PT Indoasia Cemerlang at the beginning of the year for $30 million. The deal also granted STX Corp. exclusive rights for operating and sales rights over the mine.
?Through additional development and investment, (the company) plans to increase the annual output to over 5 million tons from the current 1.8 million tons,? STX Corp. president Kim Dae-yoo said at the board of directors meeting held in Indonesia.
The company added that once the facilities for loading coal is completed, additional investments will be made in nearby mines to raise its annual coal output to over 5 million tons. (*)