Tata Power Arutmin Indonesia Coal Mine Gets Extension

Tata Power announced that PT Arutmin Indonesia has secured the first extension of the Coal Contract of Work in the form of the Special Mining
Tata Power Arutmin Indonesia Coal Mine Gets Extension

Business Permit IUPK by virtue of a Decree of Minister of Energy and Mineral Resources of the Republic of Indonesia. This IUPK is granted for an initial period of 10 years up until 1st November 2030 and is extendable in accordance with the provisions of the applicable regulations. This extension confers certainty of the mining operations while certain terms of the extension are subject to implementation of other regulations.

Tata Power owned 30% stake in Arutmin through its subsidiary, Bhira Investments Pte Limited. Currently, this investment is held for sale as Bhira Investments Pte Limited, has entered into an agreement to sell its entire stake in Arutmin and associated companies in coal trading and infrastructure. The sale transaction is awaiting closure due to pending receipt of part sale consideration.

Strategic Research Institute, SteelGuru

Related Stories

SteelGuru Business News