Coal India seeking to acquire stake in Indonesia's Golden Energy for around $1bn
Coal India, which is keen to acquire coal mines abroad, has finished its initial negotiations with Indonesia's Golden Energy Mines and is awaiting the Indian government's nod for a $1 billion buy.
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Indonesia's PT Golden Energy Mines is a coal producer that is 99% owned by PT Dian Swastatika Tbk, an energy and infrastructure company, that is set to upgrade its production capacity to 5-8 million tonnes this year. Reports indicate that the firm intends to increase production to 10 million metric tonnes per year to 4,200 to 5,300 kc/kg coal this year from 3 million in its Sumatra and Kalimantan mining companies
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All of last year, Coal India failed to make any headway in its overseas acquisition plans. It currently owns two new projects in Mozambique. The company had earlier said it was looking at five overseas proposals for equity infusion in countries such as United States, Australia and Indonesia.
http://www.sinarmasmining.com/
MTE Price at posting:
96.5¢ Sentiment: ST Buy Disclosure: Held
