Timah cancels coal mining acquisition plan
Tuesday, November 23 2004 - 06:07 AM WIB
State tin mining firm PT. Timah Tbk has cancelled plan to acquire several coal mining concessions in East and South Kalimantan, claiming that due diligence results on the mines showed unfavorable results, a company official said.
Timah president Thobrani Alwi told reporters the only acquisition possibilioty that is still alive was with east Kalimantan based coal concession holder PT. Delma Mining. But definitely Timah would not make any acquisition this year,? he said.
Earlier, Timah said that it was conducting due diligence on three coal mining concession, two of which are located in east Kalimantan and another one in South Kalimantan.
Thobrani said Timah would keep on looking for new coal prospects to acquire in the future.
Timah has already owned South Kalimantan coal mining firm PT. Tanjung Alam Jaya, which is set to produce some 800,000-1 million tons of coal in 2005. (alex/godang)