JAKARTA - PT Bukit Asam (Persero) Tbk, (PTBA), a state-owned Indonesian company, plans to acquire 15%-30% equity ownership in Ignite Energy Resources Ltd., Coal company from Victoria, Australia.
President Director of PTBA Milawarma said that the company is completing due diligence phase of the project related to the processing of low grade coal technology to be crude and Pulverized Coal Injection (PCI).
He expects due diligence to be completed within 6 months from Mei 2014.
"After that, we will go in there as a shareholder or partner. Indeed, for a while we did not majority but a clear purpose let us come to have, " he said.
Currently, Milawarma said, the company is still reviewing whether it will participate in the development of the technology, the processing of coal resources Ignite, or both at once. For information, Ignite Energy Resources has coal reserves of up to 16.4 billion tons.
He said the local government is very open and welcoming the participation of PTBA, especially in the process of coal mining areas belonging to Ignite. Because the company is considered sufficiently qualified and experienced in the mining process.
He added that Ignite was trying to hoist the coal into oil processing capacity of 1 million tons of crude to 8 million tons. As per 3 tons of coal to produce 1 barrel of oil and 0.6 tonnes of PCI , the materials used in steel production .
Further Milawarma said to boost the production of the necessary investment of U.S.$ 500 million. However, that number could still change. Meanwhile PTBA portion of the project funding will also be determined after due diligence is completed. (*)
President Director of PTBA Milawarma said that the company is completing due diligence phase of the project related to the processing of low grade coal technology to be crude and Pulverized Coal Injection (PCI).
He expects due diligence to be completed within 6 months from Mei 2014.
"After that, we will go in there as a shareholder or partner. Indeed, for a while we did not majority but a clear purpose let us come to have, " he said.
Currently, Milawarma said, the company is still reviewing whether it will participate in the development of the technology, the processing of coal resources Ignite, or both at once. For information, Ignite Energy Resources has coal reserves of up to 16.4 billion tons.
He said the local government is very open and welcoming the participation of PTBA, especially in the process of coal mining areas belonging to Ignite. Because the company is considered sufficiently qualified and experienced in the mining process.
He added that Ignite was trying to hoist the coal into oil processing capacity of 1 million tons of crude to 8 million tons. As per 3 tons of coal to produce 1 barrel of oil and 0.6 tonnes of PCI , the materials used in steel production .
Further Milawarma said to boost the production of the necessary investment of U.S.$ 500 million. However, that number could still change. Meanwhile PTBA portion of the project funding will also be determined after due diligence is completed. (*)
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