PT Resource Alam takes over four coal miners in East Kalimantan

Tuesday, 14 Feb 2012

Coal miner PT Resource Alam Indonesia said that it has spent USD 7.9 million to acquire controlling stakes in four coal mining companies in East Kalimantan.

The company in a statement said that Resource Alam purchased a 75% stake in each of the firms: PT Kaltim Mineral, PT Jaya Mineral, PTTambang Mulia and PT Chaido Mega Mineral.

The statement said that “Future development of the newly acquired concessions, in addition to the company’s organic growth, is in alignment with Resource Alam’s long term objective to become one of Indonesia’s major coal producers.”

Resource Alam previously commissioned mining consultant PT Britindo to conduct geological studies of the coal mining concessions, which span 28,521 hectares, and their prospective open-cut potential.

Indonesia, the world’s largest coal exporter, is expected to produce 340 million tons this year, including 6 million tons expected to be produced by Resource Alam.

Mr Eric Tirtana Resource Alam’s investor relations chief told The Jakarta Post that “The newly acquired fields are still green fields, they’re not yet producing. The potentials are still being analyzed. We’re still counting on organic growth for the year.”

Chaido is the closest to starting operations next year, on 5,000 hectares near Resource Alam’s northern block. Resource Alam spent USD 1.67 million to acquire the company’s 75% stake.

Meanwhile, Kaltim Mineral, Jaya Mineral and Tambang Mulia will start production in 2015 on a combined adjoining area of 23,521 hectares. A 75% stake in each of the three firms was valued at USD 6.25 million.

(sourced Thejakartapost.com)

Wed,Feb09,20111

The Bayur Block, sub-block Tani Bakti and South Purwajaya use core drilling method HQ-3 with grid pattern ranged 50 metres. The reserve calculation on the block is still in progress.
For the Loajanan block, the company will continue its geological mapping to decide the mine potential sub blocks. The company still conducts due diligence to drill block Separi.
“All blocks have been approved by Minister of Energy & Mineral Resource for the Exclusive Mining Rights (PKP2B) for production granted to PT Insani Baraperkasa," Corporate Secretary Lenny S.C. said.
Total exploration cost reaches US$1.12 million as of January.
KKGI is owned by Goodwin Investment Private Ltd (17.53%), PT Optima Investama (16.27%), OCBC Securities Pte Ltd (15.80%), UOB Khay Hian Ltd (11.29%), and Dunway Holdings Ltd (6%).
(sourced:theindonesiatoday)
Tag:Coal company,PT Resource Alam Indonesia Tbk(KKGI),RAIN Group,explored Bayur,Perangat,Loajanan blocks,January 2011,PT Insani Baraperkasa,blocks,East Kalimantan