PHI Group has signed an agreement to acquire 70% ownership in CV Berkat Do’A Mama (BDM), an Indonesian company that owns a 6200-hectare coal concession in Kapuas, Central Kalimantan. The concession has an estimated deposit of 33 million to 50 million tonnes and the calorific value of the coal is GCV 5800-5600 Kcal/kg ADB.

BDM and PHI believe there are several favourable options for coal products from this mine, including exports to Vietnam and Thailand for coal-fired power plants and cement factories, shipping to a power plant to be built in Papua province or building a mine-mouth power plant in Kapuas.

Closing of this transaction is subject to the results of a drilling program to be conducted in the near future.

BDM’s president Oktavianus says: “We are pleased to partner with PHI Group and look forward to building a long-term relationship between the two companies through this project and other energy-related business ventures in the future.”

PHI Group’s chairman and CEO Henry Fahman says, “We are delighted to cooperate with BDM to develop this mine and eager to pursue other energy-related transactions together. This is part of our long-standing plan to secure both conventional and renewable energy assets to meet the growing global energy demand.”

Targeting both conventional energy and renewables, PHI Group invests in energy-related assets and natural resources, cooperates with international partners to develop independent power plant projects, and provides renewable energy solutions in conjunction with select industry partners.

In addition, the company is engaged in trading activity involving coal, oil, precious metals, sand, granite and other industrial commodities. The company also provides M&A advisory and consulting services through its wholly-owned subsidiary PHI Capital Holdings.