UT buys more stakes in C. Kalimantan coal miner for $10.6m
Friday, August 26 2011 - 08:44 AM WIB
Indonesia-listed heavy equipment distributor and coal miner PT United Tractors Tbk reported Friday that its coal-mining subsidiary PT Tuah Turangga Agung has bought another 40 percent stake in PT Agung Bara Prima (ABP) for US$10.6 million.
ABP is a coal mining firm with concession located in Kapuas Tengah regency, Central Kalimantan which covers an area of 1,271 hectare. ABP has bagged IUP operation and production from the Regent on July 20, 2011, UT said.
With the deal, UT now holds 100 percent stake in ABP, the company said in a statement. In July, UT made the first acquisition of 60 percent stake of ABP.
In earlier news on Petromindo.Com, Sara Loebis, UT?s Corporate Secretary told Petromindo.Com that ABP is expected to start coal production in 2012. ?Currently, we (UT) are conducting infrastructure building in the mine area,? she said on May 3. (denny)