Coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN) plans to spend US$600 million capital expenditure (capex) for the period of 2012-2013.
President Director Samin Tan, as quoted by Bisnis Indonesia, said Borneo will use the internally generated cash flow to finance the capex.
According to Director Geroad Jusuf, Borneo will use capex to support business expansion, production ramp up, and operational requirement.
The company is also planning to buyback 707.72 million shares from the market or 4% of its total equity. It seeks approval from shareholders scheduled on December 15 2011.
Disclosure: No position at the stock mentioned above.
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