Trada Maritime to finish mine acquisition in Q4

By Hiski Darmayana

Indonesia listed PT Trada Maritime Tbk has recently said that it expected the acquisition of the 5,350 hectare coal concession located in Damai subdistrict of West Kutai, East Kalimantan to complete in the fourth quarter of this year.

"We are currently focusing on another matter, delaying this acquisition process following what happened with our ship," said company's President Director Danny Sihanouk de Mitra in Jakarta.

It was previously reported that one of the company's floating storage offloading unit, Lentera Bangsa, was set on fire last September, and the company is still dealing with its insurance claim to finance the unit's loan repayment. Expected to settle the claim this year end, mine acquisition will be the first thing the company will deal afterwards.

Planning to expand its business into coal mining, the sea transportation company had on September 2011 signed US$200 million worth of convertible bond purchase contract with Arabian based Zakia Limited to obtain up to 97 percent shares of Awesome Coal, the West Kutai concession holder.

Editing by Er Audy Zandri