Timah to acquire S. Sumatra coal mine
Monday, November 8 2010 - 04:12 AM WIB
?Timah has formed a team to conduct due diligence. The percentage of stake to be acquired may change depending on the results of the negotiation,? Timah's corporate secretary Abrun Abubakar told Petromindo.Com on Monday.
The mine is located between Muara Enim regency and Baturaja in Ogan Komering Ulu regency, he said adding that the mine hasn't yet produced.
The due diligence process is expected to be completed soon but might not be this year, he said.
The acquisition value is targeted at around US$72 million.
He said that the mine has a minable reserve of 59 million tons spread acorss an area of 197 hectares, with calorific value of 6,073 kcal/kg (ADB), total moisture of 20.37 percent (AR), low sulphur content of 0.22 percent and ash content of 5.07 percent. (denny)