INSIDER COMPANY: Atlas Resources Says Plans to Buy Mines, Adds Executives

Posted on 2:49 am, March 14, 2013 by Editor

(The Insider Stories) — Indonesia coal producer PT Atlas Resources Tbk (ARII) plans to acquire three coal mining concessions and is studying the possibility of joint operations with two other coal companies in Kutai, South Kalimantan. Some of the companies it is looking at are greenfield and some are brownfield.

“We will finance this plan with cash. The acquisition process is in the final stages and hope soon will close,” Eddy Salimah, an Atlas director, said after an extraordinary shareholders meeting at the Indonesia Stock Exchange.

He said Atlas expects to expand production capacity in 2013 to 2 million metric tons of coal 1.3 million tons last year.

Atlas shareholders during the meeting gave approval to appoint William James Randall as company Vice Chairman and Vikaskaya Mastoto Hendra as a director.

“The changes to the board of commissioners and directors are needed to support our business expansion plans,” Atlas Resources President Director Andre Abdi said in statement.

Atlas was established in 2007 and owns 17 concessions in Sumatra, Kalimantan and Papua provinces. Its subsidiaries PT Berau Bara Energi, PT Diva Kencana Borneo, PT Gorby Putra Utama and PT Hanson Energy produce thermal, sub-bituminous, bituminous and metallurgical coals.

Board of Commissioners
Chairman: Jay T Oentoro
Vice Chairman: William James Randall
Commissioners:

Pranata Hajadi
Suci Kuswardani
Andreas Vourloumis
Edwind A. Satyabrata

Board of Directors

President Director: Andre Abdi

VP Director: Hans Jurgen Kaschull

Directors:

Joko Kus Sulistyoko
Aulia Setiadi
Eddy Salimah
Vikaskaya Mastoto Hendra