Update: Supra Bara secures $20m from BNP Paribas
Plans to IPO in 2014
Wednesday, September 7 2011 - 09:44 AM WIB
The company?s CEO Kuhan Selvaretnam said on Wednesday that the loan will be used for the company?s heavy-equipment procurement to increase the company?s coal output to 1.2 million tonnes per annum.
The company will seek more loan from BNP Paribas next year in order to support its plan to further increase its coal output to 3 million tonnes in 2013 and ramping it up to 5 million tonnes per annum in 2014.
?If, everything is on schedule, the company plans to raise more fund through initial public offering (IPO) in 2014,? Selvaretnam said.
The company is also planning to develop seven more coal mines in East Kalimantan to further boost its combined coal output to 10-12 million tonnes per annum. Three of the coal mines will start to be developed in 2013 and the remainder four follow afterwards.
The company expects to produce 1-3 million tonnes per annum of coal from each mine, he added.
In Dec, 2010, US top coal producer and trader Peabody Energy announced that it has entered into an agreement to source coal from PT Supra Bara Energi (SBE), which will be sold on the export market to customers in Asia through Peabody's COALTRADE international Singapore trading hub. Peabody will source several million tonnes of coal over five years from SBE's mine.
Supra Bara Energi is part of Mitra Jaya Group. (denny)