Indonesian to complete coal acquisition by 2012

Indonesian to complete coal acquisition by 2012
Published: 29 September 2011

Indonesia’s largest cement producer PT Semen Gresik said it hopes to wrap up plans to acquire two coal mines in Riau and Kalimantan not later than next year.

A company’s director Erizal Bakar, said due diligence of the two mines is still in process.

He said the final deal on the take over of the mine in Riau is expected to be signed in the first half of 2012 to be followed with the signing of the deal on one in Kalimantan in the second half.

The acquisition is to guarantee supply of coal fuel for the factories of the company which needs around 4Mt of the fuel a year.