Truba confirms plan to sell S. Sumatra coal mine

IDX-listed engineering and mining firm Truba Alam Manunggal Tbk confirmed on it will sell its entire 90 percent in its South Sumatra coal mining project PT Manunggal Multi Energi, Kontan daily reported on Wednesday

Corporate Secretary Gamala Katoppo said thus far Indian firm Lanco Infratech is the only serious suitor to take over the mine with offering price of US$90 million. "We're still considering their offer," Gamala said.

The mine, which has reserves of 140 million, is expected to start production later this year with initial production capacity of 1 million tones per annum.

Gamala said the planned sale of the coal mine is part of the company?s strategy to focus on engineering contractor business. (*)