Indian ferroalloy major Rohit Ferro-Tech Ltd has announced that it will acquire a 60% stake in each of two Indonesian coal mining companies held by PT Pacific Samudra Perkasa. In a regulatory filing, Rohit Ferro said its Singapore-based subsidiary, SKP Overseas Pte Ltd has signed a memorandum of understanding with PT Pacific Samudra Perkasa to acquire the interests in PT Palopo Indah Rava and PT Bara Prima Mandiri. It added that both companies have mining concessions and related licenses in the Central Kalimantan area, with Rava holding reserves of about 20 million tonnes of thermal coal and Mandiri holding 5 million tonnes of coking coal. Production from the first mine will begin in July while the second mine will begin production in July 2009.
Mr Ankit Patni joint MD of Rohit Ferro told Thomson Financial News that “Rohit Ferro will acquire 60% of the companies output at preferential rates and will bear 60% of the costs.”
Rohit Ferro will use coal from these mines for making ferroalloys and for its proposed captive 110 MW power plant expected to be commissioned by June 2009. Part of the coal from these mines will also be used for external sales.
Rohit Ferro currently uses over 125,000 tonnes annually of coking coal and will require about 300,000 to 400,000 tonnes of thermal coal for power plant.
Rohit Ferro was incorporated in April 2000 under the aegis of Impex Group having interest in manufacturing, trading, import & export of various kinds of ferroalloys and has total combined capacity of more than 175,000 tonnes per annum.
Source: Steel Guru
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