Garda Tujuh Acquires Mine in Kalimantan

Kalimantan Coal
VIVAnews – PT Garda Tujuh Buana Tbk (GTBO) is targeting to acquire one mining concession in Kalimantan in order to boost the coal production up to 1.8 million tons in 2010.According to Garda Tujuh President Commissioner Fakir Chand, the company is targeting to find coal products with higher calorie values above 5800 and 100 million tons deposit with the acquisition of the mining concession in Kalimantan.“Meanwhile, this year’s production is 900 thousand tons of coals maximally,” Chand said after attending the Executive Shareholders Meeting at the Sultan Hotel, Jakarta on Tuesday, August 25.Currently, he added, the company is running one mining site with coal production that reaches 5100 calories in Bunyu. “If possible, the acquisition will be carried out this year,” he said.He also said the coal products would eventually be marketed in domestic market while some of them would be exported to India. “There will be more portions for exports but we also provide Domestic Market Obligation (DMO),” Chand said.To increase the current production, the company is finishing a dryer assembly which will be operating in September. As soon as it starts running, the dryer will escalate the production from 50 to 150 thousands per month. “It’s [the assembly] been 70 percent done,” Chand said.Furthermore, he also said the company is analyzing the intention of producing urea fertilizers at the gasification factory. “The analysis is expected to be completed in six months. Now, it’s being handled by the experts,” he said. According to the plan, the gasification will massively produce urea fertilizers by the end of third quarter of 2010 or 2011. “The products will be exported but we still don’t know which countries they will be exported to,” Chand said.Meanwhile, the Extraordinary General Meeting of Shareholders discussed about several agendas which included the central office’s move from Jakarta to Bunyu. The move aims to ease financial and operational works.Another agenda was the changes in the Board of Directors and Commissioners. Earlier, two out of four directors resigned. Thus, the meeting has agreed to appoint three commissioners and five new directors.The Commissioner Board consists of Executive Commissioner Fakir Chand and commissioner members Baukinth Nath Tiwari and Mastan Singh.Meanwhile, the Board of Directors includes Executive Director Surinder Kumar who has replaced Harry Purnomo. Other Directors are Ratendra Kumar Srivasta, Narinder Kumar, Simer Deep and Sharan Phal. The meeting has also approved the change of goals in the business expansion plan.
–Translated by: Nataya Ermanti

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