Tuesday, 22 Nov 2011
The Jakarta Post reported that publicly listed heavy equipment distributor PT United Tractors, which also has coal mining interests, said is working to acquire two more mining sites in Kalimantan.
Mr Gidion Hasan director of finance and administration at United Tractors said that "One site is a Greenfield in Central Kalimantan and another site is a Brownfield in East Kalimantan."
He declined to reveal the two sites' sizes, saying the company had a confidentiality agreement. He said that "All I can say is that when the company carries out an acquisition, the site must have at least 30 million tonnes of coal reserves. However, it doesn't mean that each of those two sites to be acquired have 30 million tonnes of coal reserves."
Mr Gidion said that the company expected to finish the acquisition process early in 2012. He said that the company would likely maintain next year's capital expenditure at this year's figure of IDR 5 trillion, despite the acquisition plan.
He added that "We can't include spending on the acquisition plan in the capital expenditure because the plan may be accomplished or it may be unsuccessful."
He said that the company would finance the capital expenditure from internal cash, bank loans and the remaining funds from a rights issuance in June.
United Tractors still has IDR 1.77 trillion out of IDR 6.07 trillion gained in the rights issuance, which was the company's fourth. After paying IDR 45.83 billion for fees and expenses for the rights, United Tractors already used IDR 4.25 trillion by September 2011.
United Tractors, through its subsidiary PT Pamapersada Nusantara and PT Tuah Turangga Agung, currently has six concessions areas with a total of up to 369 million tonnes viable coal reserves in Kalimantan and Sumatra.
Mr Gidion said that United Tractors aimed to increase total reserves to up to 500 million tonnes as asked by its parent company, PT Astra International. The company reported coal sales at IDR 3.21 million tons as of September 2011.
Mining contracting division PT Pamapersada Nusantara reported coal production of 63.3 million tonnes by September 2011 and aimed to reach 84 million tonnes by the end of 2011.
United Tractors reported revenue of IDR 39.75 billion in the first nine months of 2011, increasing from IDR 27.81 billion in the same period last year. The company's net profit stood at IDR 4.35 billion by September 2011, rising 49% from IDR 2.96 billion year on year.
Its construction machinery division contributed about 50% of the total revenue, while the mining contracting division added 40% and coal mining 10%.
(Sourced TheJakartaPost)
The Jakarta Post reported that publicly listed heavy equipment distributor PT United Tractors, which also has coal mining interests, said is working to acquire two more mining sites in Kalimantan.
Mr Gidion Hasan director of finance and administration at United Tractors said that "One site is a Greenfield in Central Kalimantan and another site is a Brownfield in East Kalimantan."
He declined to reveal the two sites' sizes, saying the company had a confidentiality agreement. He said that "All I can say is that when the company carries out an acquisition, the site must have at least 30 million tonnes of coal reserves. However, it doesn't mean that each of those two sites to be acquired have 30 million tonnes of coal reserves."
Mr Gidion said that the company expected to finish the acquisition process early in 2012. He said that the company would likely maintain next year's capital expenditure at this year's figure of IDR 5 trillion, despite the acquisition plan.
He added that "We can't include spending on the acquisition plan in the capital expenditure because the plan may be accomplished or it may be unsuccessful."
He said that the company would finance the capital expenditure from internal cash, bank loans and the remaining funds from a rights issuance in June.
United Tractors still has IDR 1.77 trillion out of IDR 6.07 trillion gained in the rights issuance, which was the company's fourth. After paying IDR 45.83 billion for fees and expenses for the rights, United Tractors already used IDR 4.25 trillion by September 2011.
United Tractors, through its subsidiary PT Pamapersada Nusantara and PT Tuah Turangga Agung, currently has six concessions areas with a total of up to 369 million tonnes viable coal reserves in Kalimantan and Sumatra.
Mr Gidion said that United Tractors aimed to increase total reserves to up to 500 million tonnes as asked by its parent company, PT Astra International. The company reported coal sales at IDR 3.21 million tons as of September 2011.
Mining contracting division PT Pamapersada Nusantara reported coal production of 63.3 million tonnes by September 2011 and aimed to reach 84 million tonnes by the end of 2011.
United Tractors reported revenue of IDR 39.75 billion in the first nine months of 2011, increasing from IDR 27.81 billion in the same period last year. The company's net profit stood at IDR 4.35 billion by September 2011, rising 49% from IDR 2.96 billion year on year.
Its construction machinery division contributed about 50% of the total revenue, while the mining contracting division added 40% and coal mining 10%.
(Sourced TheJakartaPost)
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