Monnet benefits from Sarwa acquisition

Monnet Ispat & Energy Ltd. (MIEL) on Monday said it has completed the acquisition of Indonesian coal company — PT Sarwa Sembada Karya Bumi — for $24 million through its 100 per cent subsidiary Monnet Global Ltd. (MGL).

The acquisition gives MGL access to one of the largest thermal coal mines spreading over an area of 25,000 hectares. At present, only 1,500 hectares out of the entire 25,000 hectares have been explored and the company has been able to establish 65 million tonnes of coal reserves in the mine and expects these reserves to go up substantially after completing exploration of the total land area.

“The acquisition of PT Sarwa is of strategic importance for the Group as the logistic of the mine is excellent,” said Sandeep Jajodia, Executive Vice-Chairman and Managing Director, Monnet Group.

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Printable version | Jun 15, 2021 9:11:30 PM |

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