Tanito sells Sumatra mine
Monday, December 15 2008 - 03:37 AM WIB
Coal producer Tanito Coal Group has closed deal to sell its subsidiary PT.Riau Bara Harum to investment fund Spinnaker Capital Group, a Tanito source told Petromindo.Com.
According to the source, Tanito sells its entire interest at the mine. The source 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 would produce 1.25 million tonnes of coal this year.
The mine has resource estimate of 70 million tonnes of coal. (denny)