October 11, 2008

PT Timah plans to acquire three coal mines

Reuters reported that Indonesia's PT Timah Tbk is planning to acquire three coal mines with total reserves of 50 million tones.

Timah has a mine in South Kalimantan which produces up to 1.4 million tonnes of coal a year, but the firm has been looking for new mines because of depleting reserves. It said that the company is aiming to sell 1.8 million tonnes in 2008.

Mr Gatot Hari Prasetio commerce director of Timah said that the company is working on a plan to acquire three coal mines in South Kalimantan and South Sumatra, but gave no details.

Mr Wachid Usman president director of Timah told reporters that his company could spend IDR 2 trillion on acquiring coal mines and about IDR 1.4 trillion on boosting output, exploration and business development.