Jakarta-PT.Resource Alam Indonesia Tbk (KKGI) acquired four companies mining in East Kalimantan, worth $ 7,92 million. Of the corporate action, the company owns 75% shares of the company.

Head of Investor Relations KKGI, Eric tirtana said first transaction for $ 6, 25 million earmarked to acquire three mining companies namely PT.Kaltim Mineral, PT.Jaya Mineral and PT.Tambang Mulia. "The three companies have a coal mining concession (IUP) covering 23 521 hectares. Production is expected to begin in 2015, "he said in a statement to the Indonesia Stock Exchange (BEI) yesterday.

He explained that the next transaction is in PT.Chaido Mega Mineral (Chaido). Chaibo is a joint development of coal in KutaiKartanegara, East Kalimantan. The company has a coal mining concession (IUP) given in 2008 of 5,000 hectares. Chaido expected to start operating in 2013.

Eric says, PT.Resource Alam Indonesia Tbk has conducted a survey of due diligence and consider all the four IUP owned mining company has mining potential. "The company has commissioned a leading mining consultancy PT.Britmindo, to conduct an intensive geological study in several IUP," he explained.

This year, he added, the company budgeted capital expenditure of $ 4 million. Fund capital expenditure will be used for construction of jetty and new infrastructure and expand the jetty. Company, said Eric, targeting production of 6 million tons in 2012.