Truba says to develop S. Sumatra coal project on its own

IDX-listed contractor PT Truba Alam Manunggal said its South Sumatra coal mining firm subsidiary PT Manunggal Multi Energi will develop the mine on its own and will start producing coal early next year.

?We are developing the mine on our own. There?s not third party involvement in terms of equity,? Corporate Secretary Gamala Katoppo told Petromindo.Com on Tuesday.

Katoppo said the mine will produce 1 million tonnes of coal next year but it has yet clinched buyers to offtake the coal. ?We welcome any interested party to offtake the coal,? he said.

He refused to comment if acquisition talks with Indian company Lanco Infratech has collapsed.

Earlier in September 2009 Katoppo said Truba was considering Lanco?s offer to buy 90 percent stake at the mine for US$90 million.

The mine is said to have 140 million tonnes of reserves.(denny)