UT acquires C. Kalimantan coal mine

IDX-listed heavy equipment distribution PT United Tractors Tbk (UT) announced on Wednesday acquisition of 93 percent of shares of PT Tuah Turangga Agung (TTA) for US$115.6 million.

Currently TTA indirectly holds exploitation license (KP) for thirty years for an area of approximately 5,000 hectares in Kapuas Tengah regency, Central Kalimantan.

The mineable reserve at the mine is around 40 million tones, the company said.

The company did not give detail about the mine?s production capacity.

UT is majority owned by PT Astra International Tbk, which is in turn majority owned by Jardine Cycle & Carriage Ltd, an integral member of the Asian-based conglomerate, the Jardine Matheson Group. (denny)