Coal news and updates

Astrindo to acquire PTT Mining Ltd

PT Astrindo Nusantara Infrastruktur Tbk. (Astrindo), an investment company focused on integrated energy infrastructure, has acquired PTT Mining Ltd of Hong Kong (PTTML), which currently owns coal concessions in Brunei Darussalam, Madagascar and three coal mines in Kalimantan, Indonesia with the acquisition value at US$471 million.

According to Ray Anthony Gerungan, the President Director of Astrindo, said: “The acquisition of PTTML appears opportunistic given the current prices of global coal. But our intention to buy coal mines started well before the recent surge in prices.”

“Astrindo’s long term strategy has little to do with current coal price volatility as we are more focused to create a highly efficient infrastructure platform that is best in class at reducing emissions today from transportation and logistics. We expect to expand this platform towards carbon neutral industries. An integrated coal mine operation starts from mining to efficient coal port infrastructure help us towards executing our future plans.”

Michael Wong, Director of Astrindo, added: “The immediate impact of the acquisition of PTTML to Astrindo is substantial. Our financial performance in 2022 will show a significant jump given the current price of coal.”

In addition, Astrindo has prepared strategic measures to improve its financial and operational performance this year, by continuing to increase its competitive ad-vantages and open up development opportunities within the scope of the integrated energy infrastructure sector. Astrindo is currently contemplating proposals to institute measures and investments such that the coal mine can eventually operate on a carbon neutral basis.

Auttapol Rerkpiboon, President and CEO of PTT, concluded: “PTT's Board of Directors, has approved the sale by PTT International Holdings Ltd (PTTIH), a wholly-owned subsidiary of PTT, of its entire investment, to 100% of the total issued shares, in PTTML to Astrindo, an Indonesian investment company focused on integrated energy infrastructure. The divestment of the coal business is in line with PTT's strategy towards sustainability and clean energy and the company's new vision of ‘Powering Life with Future Energy and Beyond