PT Alam Tri Abadi, a subsidiary of Indonesian coal miner PT Adaro Energy Tbk (ADRO), has agreed to acquire 75% shareholding in green field miner PT Mustika Indah Permai worth US$222.5 million from Elite Rich Investment Limited. The shares sale and purchase agreement has been signed on August 19 2011.
Mustika Permai is a coal miner company that develops green field project in South Sumatra with concession of 2,000 hectares.
According to President Director Garibaldi Thohir, the acquisition is part of Adaro's strategy to enhance value added. "We aim to boost production capacity to 80 million tons in the medium term," he said in a press statement last night.
However, there is no clear information about the coal reserves and resources at Mustika Permai's concession.
In 2008 and 2009, Mustika Permai and four other companies involved in coal concession dispute in Lahat, South Sumatra, with the state company PT Tambang Batubara Bukit Asam Tbk.
Besides Mustika Permai, the other companies were PT Bukit Bara Alam, PT Muara Alam Sejahtera, PT Bara Alam Utama, and PT Bumi Merapi Energi.
Disclosure: No position at the stock mentioned above.
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