JAKARTA (RambuEnergy.com) – Coal producer PT Indo Tambangraya Megah Tbk (IDX:ITMG) has acquired 100% shares of PT Nusa Persada Resources (NPR) as a move to boost the company’s coal reserves.
NPR currently has coal reserves of 77 million tons. The company has three mining sites located in Central Kalimantan with three subsidiaries, namely Bharinto Ekarama (BEK), Trubaindo Coal Mining (TCM), and Tepian Indah Sukses (TIS).
Director of Tambangraya Bramantya Putra said the acquisition will add the company’s coal reserves with low-calorie coal of 5,500 kkal.
The company will begin developing the coal at the NPR’s mining site with production target set to start in 2022.
The company booked net profit of US$103 million in the first half of 2018, down 3% from the same period last year, with average coal price of US$80.9 per ton, up 18% from last year. (*)