Geneva-based Mercuria, one of the world's top five independent energy traders, said on Tuesday that it has bought a coal concession in southeastern Kalimantan, its first coal asset in Indonesia.
The concession covers 6,000 hectares of which 2,500 hectares are currently being exploited, the company said in a statement, adding that it planned to develop the operation into a 2 million tonne per year exporter of good quality bituminous coal.
"Mercuria has again shown its commitment to invest and further develop its energy and coal strategy in Asia by successfully acquiring its first Indonesian coal facility," said Geoff Kelly, global head of coal assets for Mercuria.
The company did not provide a value for the acquisition. Earlier this month, Mercuria announced the purchase of Florida-based carbon offset project developer MGM International from investment bank Morgan Stanley (NS.N). Source: Reuters
The concession covers 6,000 hectares of which 2,500 hectares are currently being exploited, the company said in a statement, adding that it planned to develop the operation into a 2 million tonne per year exporter of good quality bituminous coal.
"Mercuria has again shown its commitment to invest and further develop its energy and coal strategy in Asia by successfully acquiring its first Indonesian coal facility," said Geoff Kelly, global head of coal assets for Mercuria.
The company did not provide a value for the acquisition. Earlier this month, Mercuria announced the purchase of Florida-based carbon offset project developer MGM International from investment bank Morgan Stanley (NS.N). Source: Reuters
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