Trada to complete coal mine acquisition in second half

By Hiski Damayana

IDX-listed PT Trada Maritime Tbk, a coal transhipment firm, plans to complete the acquisition of Zakia Limited's coal concession in West Kutai, East Kalimantan in second half of this year. However, the company is still dealing with insurance claim for FSO Lentera Bangsa, a boat burnt-out in an incident last year.

"We are still in the process of finalizing the insurance claim. We are estimating the repair cost with the insurance company," Chief Executive Officer of Trada Danny Sihanouk de Mita told Petromindo.com Friday.

Danny said that the insurance claim money will be allocated to pay the company's debt to International Finance Corporation (IFC), its creditor. "IFC requires us to pay the debt first, before proceeding with the acquisition of the coal concession. So, we try to meet our obligation," he said.

The acquisition process of Zakia Limited's coal concession by Trada has started since last year, while PT Gunung Bara Utama runs the ongoing mining activities.

Editing by Tri Subhki Rakhmatullah‪