Egco Group Plc, Thailand’s first independent power producer, yesterday announced the acquisition of 40 percent of the Manambang Muara Enim (MME) coal mine project for US$197 million.
Chief executive Sahust Pratuknukul said the investment accounts for 5.98 percent of the group’s total assets.
MME is an open-pit coal mine in Muara Enim regency of Indonesia’s South Sumatra province. It has a concession licence from the government of Indonesia for the 28 years from March 2010 to March 2038.
The operating area covers 1,587 hectares.
MME has been operated since March 2010. The investment is in line with the Egco Group’s plan to branch out its energy business and enhance the stability of the fuel supply in the long run.
It will strengthen the group’s presence in Indonesia and provide opportunities for future growth, said Sahust.