UT to conclude acquisition of new coal mine this month

PT United Tractors (UT), a heavy equipment distributor cum miner, hopes to conclude the acquisition of a coal mine this month, a business deal which would further increase the company?s coal reserves, the company?s executive said.

?We will announce the result of the acquisition within the next three weeks,? the company?s finance director Gidion Hasan said. He, however, refused to mention the name of the mining company.

He said that the acquisition target, which is a greenfield mine, has total reserves of 50 million tonnes with calorie content of between 5,800 and 6,500 kcal/kg.

Last week, the company's corporate secretary Sara K Loebis told Petromindo.Com that that UT is still in negotiation to acquire more coal mines in Central Kalimantan. ?I don?t know exactly when the acquisition will be finalized. But for sure, UT will realize the acquisition of the mines this year."

At present, UT owns two coal mines, which are located in South Kalimantan and Central Kalimantan and operated by its subsidiaries PT Desa Eka Jasatama and PT Tuah Turangga Agung, respectively. (*)