Timah in coalmine business
Friday, November 7 2003 - 12:05 AM WIB
In a bid to diversify business, Jakarta-listed state tin miner PT. Timah Tbk has reached a deal to buy a producing coalmine in South Kalimantan province, a company official said.
Chairman Wimpy S. Tjetjep told Petromindo.Com late Thursday Timah had entered into am agreement to buy 100 percent shares of PT. Tanjung Alam Jaya, a Third Generation Coal Contract of Work mining company located in Banjar Regency.
Wimpy said the mine has mineable reserves of around 10 million tons, and Timah would push the mine to produce 1 million tons per year starting 2004.
According to the government data, the mine produced 586,000 tons of coal in 2002, of which 467,000 tons was exported. (alex)