Jan 17, 2011

Indo Tambang to spend US$110 mio

Thermal coal miner PT Indo Tambangraya Megah Tbk (ITMG) plans to spend US$110 million capital expenditure (capex) to buy heavy equipments and establish hauling road.
Roslini Onwardi, Indo Tambangraya Corporate Secretary, said the company hasn't allocated yet the acquisition cost. "The capex is intended for development," she said as reported by Kontan newspaper today.
Indo Tambangraya aims to spend all the capex to support in the mining sites at East Kalimantan dan South Kalimantan.   
Coal production in 2011 is estimated to reach 25 million tons, an increase from 22 million tons last year, below its target on the adverse weather. By end of 2010, Indo Tambang's reserves is estimated to reach 164.32 million tons.

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: