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Mercator buys 50% in Indonesian mine

22 Sep 2011 Evaluate

Mercator Lines has acquired 50% stake in a coal mine in Indonesia's Kalimanthan province for about $30 million (Rs 145 crore). It has also planned to list its coal division in London in one year. The Indonesia's East Kalimanthan, has reserves of 60 million tonne. The company is looking at a production of 3 million tonne coal in a year which it will sell. The scheduled production is likely to commence from fourth quarter of the current fiscal.

The shipping firm has diversified interests ranging from shipping, coal, dredging and offshore oil and gas services and owns coal mines in Indonesia and Mozambique. The group owns and operates a fleet of 18 dry carriers, eight tankers and four dredgers with an aggregate capacity of about 2.41 million DWT.

Mercator Share Price

0.84 0.00 (0.00%)
10-Mar-2023 18:02 View Price Chart
Peers
Company Name CMP
Shipping Corpn. 301.65
GE Shipping 1423.45
Dredging Corp 1016.80
Seamec 1563.00
Shreeji Ship.Global 370.00
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