Mar 14, 2011

PwC helps Bukit Asam to buy mining

The state-owned coal miner PT Bukit Asam Tbk (PTBA) has mandated PricewaterhouseCoopers (PwC) as a consultant helping the company to acquire a coal miner in Kalimantan
Bukit Asam President Director Sukrisno said the acquisition is expected to be accomplished in the near period.
"It could be done if three controlling shareholders of the mining have agreed on our proposed acquisition in the near period or this week," he said.
According to him, the mining, which will be acquired, is currently a green field. However, it could be developed.
If the acquision could be completed, the first commercial production is targeted to reach 1 million, enlarging the company's production volume.
Sukrisno menambahkan bahwa PwC tidak hanya membantu untuk akuisisi tambang yang saat ini masih dalam proses negosiasi.  "Previously, PwC supported us to acquire mining company," he said.
PTBA plans to spend Rp1.8 trillion of capital expenditure, mostly generated by internal cash flow. At end last year, PTBA managed Rp5 trillion of cash.

Disclosure: No position at the stock mentioned above.

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