Hasnur Group plans IPO in next two years

Coal mining holding company Hasnur Group plans to sell part of its shares to the public through an initial public offering (IPO) within the next two years to raise funds to finance the company’s mine expansion.

Speaking to Petromindo.com at the sideline of the CoalAsia conference in Bali last week, the company’s senior executive said that proceeds from the IPO would be used to develop new coal mine projects in Kalimantan.

Hasnur Group has two coal mining subsidiaries, which have begun coal production. They include PT Energi Batubara Lestari which is expected to produce 1.2 million tons of coal this year and 2.4 million tons in 2009, and PT Bhumi Rantau Energi, which is projected to produce 1.2 million tons this year and 2 million tons next year.

The mining group’s total coal resources are estimated at 260 million tons, with calorific value ranging between 5,300 and 5,400 kcal/kg.)

Hasnur Group also has Mantimin coal project in Hulu Sungai Tengah, Hulu Sungai Utara and Tabalong regencies, South Kalimantan, covering areas of about 100,000 ha.

The concession areas have several mining blocks including the Upau block which covers 1,964 ha, and the Batutangga block which covers about 1,964 ha.

The Upau block which is currently under preparation for commercial production is expected to begin production within the next five years with production capacity of 2 million tons a year, while the Batutangga block is entering its construction phase.

The resource at the Upau block is estimated at 105 million tons, while that of the Batutangga block is about 8.3 million tons.

Other coal projects which are under exploration stage include the Gunung Batu Besar project in Kotabaru regency in South Kalimantan; the Murung Raya project in Murung Raya regency in Central Kalimantan covering 12,000 ha, which is currently under survey study; the Gunung Mas project in Gunung Mas regency and Muara Teweh project in Muara Teweh regency, both in Central Kalimantan.

Beside, the coal mining projects, Hasnur also owns a coal terminal, through its subsidiary of PT Hasnur Coal Terminal, located in Tapin regency of South Kalimantan.

The company plans to increase the terminal’s throughput from 9.6 million tons in 2007 to 12 million tons this year, and 15 million tons next year.

The terminal is operated by mining contractor PT Pamapersada Nusantara.

The terminal has 4 units of conveyors. Two conveyor units have loading capacity of 500 metric tons an hour, while the other two unit have loading capacity of 1,500 MT and 2,000 MT an hour, respectively.

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