• On 5 May 2010, Bhakti Investama signed a purchasing agreement to acquire 8 coal concessions in South Sumatera from PT Titan Mining Resources Investment (TMRI). The company did not reveal the investment cost for this acquisition.
• TMRI has 8 coal concessions with one operational mining operated by PT Putra Muba Coal (PMC) and another 7 concessions are still in exploration phase. The management stated that the total coal resources from those coal concessions may reach 750-1,000mn tons, including 50mn tons coal reserves from PMC mining site. For PMC, the company expects its annual coal production may reach 3mn tons in 2011F.
• In the meantime, the company has also signed a preliminary agreement to acquire another coal concession in East Kalimantan with 30mn tons coal reserves. The company expects this coal concession to produce 3mn tons coal in 2011F. While for longer term, the company expects its coal production from coal mine in South Sumatera and East Kalimantan to reach 15mn tons by 2012F.
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