JAKARTA (Indonesia Today) – Coal miner PT Harum Energy Tbk (HRUM) will in near term acquire coal mine concession in East Kalimantan, Investor Daily reported this morning.
Ray Antonio Gunara, HRUM’s president director, said the acquisition will be funded by bank loan facility amounting US$270 million. The loan had secured in December 2011 from 5 foreign banks.
Ray also said the company has revised down its coal production target for this year to 12.5 million tons from initial target of 13-14 million tons. The revision was made in line with the decline in coal price estimated for the second half of 2012. HRUM’s average coal selling price stood at US$90.2 per ton in the first half of 2011.
HRUM allocates capital expenditure (capex) of US$30 million for this year, of which US$10 million had been spent in the first half of 2012. (hans@theindonesiatoday.com)