Tanito confirms selling Sumatra mine
Monday, December 22 2008 - 03:10 AM WIB
Coal producer Tanito Coal Group confirmed that it has sold its subsidiary PT.Riau Bara Harum to investment fund Spinnaker Capital Group.
Tanito?s director Hiu Kirtiadi told Petromindo.Com on Monday that Tanito sells its entire interest in the mine. He did not give further detail about the transaction.
Riau Bara Harum is a second generation Coal Contract of Work holder, operating in Riau province, Central Sumatra.
The company started coal production in 2005. According to the company?s production plan approved in January 2008, it will produce 1.25 million tons of coal this year.
The mine has resource estimate of 70 million tons of coal. (alex)