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Home > mk Business News >> Companies 프린트 이메일 전송 리스트
POSCO Energy acquires stakes in Indonesia’s coal mine
2012.07.20 10:15:31 | 2012.07.20 14:46:31
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[POSCO Energy acquires stakes in Indonesia’s coal mine] 기사의 본문 이미지

South Korean energy company POSCO Energy announced Friday that it inked an acquisition deal Thursday for stakes in a bituminous coal mine in Kintap in southern Kalimantan, Indonesia from local mining company IAC.

Under the contract, POSCO Energy acquired both a 7.5 percent stake in IAC’s bituminous coal mine and sales and supply rights to up to six million tons (t) of coals by 2019.

In addition, POSCO Energy secured rights to take over a comparable percentage stake in other IAC-owned mines.

Purchasing stakes in the Indonesia-based coal mine is POSCO Energy’s first energy development deal. POSCO Energy aims to secure stable supply of fuel as it has been actively engaged in the coal-fired power generation business at home and abroad.

POSCO Energy has showed great fervor in advancing the coal-fired power generation business. As part of the effort, it will start operating a coal-fired power plant in Vietnam starting 2015.

POSCO Energy’s consortium which includes the Korea Resource Corporation (KORES) and Aju Corporation clinched a takeover of a 30 percent stake in the IAC-owned coal mine in the latest deal, with the KORES holding a 15 percent share, and Aju holding 7.5 percent.

Meanwhile, the total coal reserves of the IAC-owned mine is estimated at 20 million t, and starting this year, the annual output from the mine will be boosted to three million t. Bituminous coals produced from the mine is used as fuel at coal-fired power plants.

[Written by Ji-hyeong Kim - Ha’eun Bang / edited by Soyoung Chung]



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