Jan 28, 2011

Antam acquires Sarolangun coal mining

Nickel and gold miner PT Aneka Tambang Tbk (Antam) via its subsidiary PT Indonesia Coal Resources (ICR) yesterday reported to acquire coal mining Sarolangun located in Jambi, Sumatra, at Rp92.5 billion deal.
In an official statement submitted to Indonesia Stock Exchange last night, the acquisition is the first path for Antam to expand business into coal sector.
Sarolangun coal mining started its commercial production in June last year with 200,000 tons output.
ICR plans to jack up Sarolangun's production volume to 500,000 tons by 2011. Sarolangun has coal reserves of 8.25 million tons with quality of 5,300-5,500 kcal/kg.

Disclosure: No position at the stock mentioned above.  

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