PT MNC Energy Investments Tbk (IATA) will grant IDR 125 billion of working capital to PT Bhumi Sriwijaya Perdana Coal (BSPC) following the extended Mining Business License of coal mines in Musi Banyuasin, Palembang.

The money originates from IATA’s rights issue proceeds, which is expected to reach IDR 2.67 trillion.

In the information disclosure quoted Monday (24/10), the extended mining license is said to take effect after the issuance of the Decree of Minister of Investments/Head of Investment Coordinating Board No.796/1/IUP/PMDN/2022. The license will be extended to another 10 years starting this year.

Furthermore, the company has reportedly secured the Decision Letter of the Head of Musi Banyuasin Regency No.608/2012 regarding the mining development license in said location.

Until Q2 2022, BSPC mined 272,341 metric tons (MT) of coals and sold 280,263 MT of coals.

Until September 19, BSPC had also obtained sales contracts of 2 million MT of coals worth USD 108.42 million from SAII Resources Pte Ltd, Visa Resources Pte Ltd, and CPTL Pte Ltd.

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Source: https://www.idnfinancials.com/news/44796/bhumi-sriwijaya-receive-idr-capital