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Sunday, 26 April 09
MITRA HOPES TO SECURE DEALS WITH TWO COAL FIRMS BY JUNE - THE JAKARTA POST


An integrated oil and gas services company, publicly listed PT Mitra Rajasa, is expecting to seal acquisition deals with two coal companies in June, targeting to produce up to 250,000 tons of coal by the year end.

Mitra president director Tito Sulistio said on Wednesday that the coal would come from a mine with a size of 1,600 hectares of land belonged to South Sumatra-based PT Realita Jaya Mandiri, which was one of two coal companies set to be acquired by Mitra this year in a deal worth US$40 million.

He elaborated Realita had started operating its mine with a production rate of 40,000 tons per month.

"So when we are able to secure the deal by June, we can get about 250,000 tons of coal by the end of the year," he said.

Mitra had signed a memorandum of understanding with Realita and local coal company PT Mashindo Artha Resources, based also in South Sumatra, to acquire both companies.

Mashindo holds a license for mining on 5,600 hectares and another 4,400 hectares of land in Musi Banyuasin, South Sumatra.

"The appraisal for those two mines has not finished yet, we hope it can be finalized by next month," Tito said.

Source: http://www.thejakartapost.com/news/2009/04/22/mitra-hopes-secure-deals-with-two-coal-firms-june.html



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