Friday, January 15, 2010

Buma & Dewa agreed for sub contract

PT Bukit Makmur Mandiri Utama (Buma) has signed master agreement with PT Darma Henwa Tbk (Dewa) on the coal mining sub contract.
However, the master agreement here is not final yet as it still depends on some conditions agreed by both parties. Buma is the coal mining contractor company with full shareholding by PT Delta Dunia Makmur Tbk.
Delta Makmur has just acquired all Buma shares formerly possessed by Johan Lensa worth US4550 million. Buma in 2008 had 19 percent market shares after PT Pamapersada Nusantara, the subsidiary firm of PT United Tractos Tbk, possessed 41 percent market shares. (see illustration)
The 40 percent stocks of Delta Makmur is currently owned by Northstar Tambang Persada Pte Ltd, and the other 60 percent by public investors.
Dewa now has two strategic long term contracts with KPC and Arutmin. The mining contract in Bengalon of KPC's is effective as long as the mining has economy value. The estimated coal reserves in Bengalon are about 164 million tons.
Asam-Asam mining contract of Arutmin's for 20 years provides Dewa with exclusive rights to give mining service, coal handling, and other services.

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