Timah eyeing another coalmine acquisition

JSX-listed State tin miner PT Timah plans to take over a coal mine in East Kalimantan as part of the company's diversification program into other mining activities, Republika reported on Friday.

PT Timah's president director Thobrani Alwi said in Jakarta on Thursday that the company was conducting a due diligence audit to assess the actual value and prospect of the East Kalimantan-based coal mine.

He said that the coal mine which would be acquired had begun operation but he was reluctant to unveil detail. "We hope the due diligence audit could be completed next month," he said.

Timah has already operated a producing coalmine in South Kalimantan called PT. Tanjung Alam Jaya (TAJ). Timah had also been conducting due diligences on a number of coal mining companies within the past few years, but thus far it was only able to purchase TAJ. (*)