Feb 9, 2012

Resource Alam buys 28,521ha concessions

PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Kaltim Mineral, PT Jaya Mineral, and PT Tambang Mulia for a total value of US$6.25 million.
Resource Alam also agreed to buy 75% interest PT Chaido Mega Mineral for Rp15 billion.
Kaltim Mineral, Jaya Mineral, and Tambang Mulia are developing green-field projects in Kutai Timur, East Kalimantan. Each company is holding a coal mining concession, all granted in 2010. The three concessions cover a combined adjoining area of 23,521 hectares. Production is expected to commence in 2015.
Chaido is a coal mining company in Kutai Kertanegara, East Kalimantan. It holds a coal concession, granted in 2009, in a total area of 5,000 hectares.
The company targets Chaido to commence operation by 2013.
Resource Alam has performed due diligence survey and considers all the concessions to have prospective open-cut mining potential.
The company has commissioned PT Britmindo, a reputable mining consultant to conduct intensive geological studies on some of the above concessions.

Disclosure: No position at the stock mentioned above.  

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