Trada Maritime to complete mine acquisition in h1 2013

By Hiski Damayana

IDX-listed PT Trada Maritime Tbk expects to complete coal mine acquisition in the first semester of next year, the company's President Director Danny Sihanouk de Mitta told Petromindo.com.

"The preparation is complete. We are currently waiting for the bank's approval, pending their decission on the insurance of our Lentera Bangsa vessel which was set on fire last year," he said

Following bank's approval for the acquisition of the concession in West Kutai, East Kalimantan, the company will request approval of shareholders through extraordinary meeting, with funding acquired from right issue or bank loans.

The company has planned to mobilize between 30-50 sets of new tug and barge units, preparing US$200 worth of capital expenditure for the next five years, to support coal transportation from the mine.

Editing by Er Audy Zandri