PT Modal Investasi Mineral (MIM), a unit of Indonesia Stock Exchange-listed mining firm PT ATPK Resources Tbk, would sell the stake in its Kalimantan coal units , the parent company said in statement to the bourse.
MIM will sell 19 percent stake of its 70 percent interest in East Kalimantan coal mine PT Damanka Prima, which is located in Bengalon, East Kutai regency, and will also sell its entire 70 percent stake in Central Kalimantan coal mine PT Tuhup Coal Mining in Muara Tuhup, Murung Raya regency, ATPK said.
“Damanka Prima needs fresh funds to develop the mine, meanwhile Tuhup has been facing financing difficulties to develop the mine ,” it said.
The company will offer the stakes to investors after it gets approval from shareholders at a shareholder meeting in October this year.
Currently, Damanka is in exploration stage. Damanka plans to start coal production in early 2009 with initial production of 20,000 tons per month and will ramp up the output to 40,000 tons per month in the next couple months, the company said in August 2008. Tuhup Coal is also in an exploration stage.
MIM has several coal mines in Kalimantan including PT Mega Alam Sejahtera (MAS) in Berau regency, East Kalimantan , which has started first coal sales in April, this year. MAS is expected to increase to 150,000 tons per month in the next coming months.
Other subsidiary PT Sarana Mandiri Utama (SMU) has signed coal sales agreement with PT Optima Persada Energi ( OPE). OPE will act as offtaker for all the coal from SMU. The company projected to start commercial production in August 2010 with an estimated output of 60,000 tons per month.
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