Abterra accomplishes Kalimantan iron ore acquisition
Abterra Ltd. and its subsidiaries announced that its wholly owned subsidiary, PT Abterra Resources Indonesia has completed the acquisition of an iron ore operation in Southern and South-Eastern Kalimantan (the “Operation”) for a consideration of US$7.3 million on 15th December 2009.
The Indonesian Acquisition is in line with the Group’s strategic expansion plans to move upstream and to vertically integrate its resources. The Group is looking to build upon the operation to expand its network of clientele in the region, Abterra executive director Lau Yu told SGX on Monday.
Abterra is an emerging player in the natural resources business with a strong foothold in China. With vertical integration as its core strategy, Abterra pursues sustainable long term growth in the Chinese and international markets.
Abterra trades coking coal, coke and iron ore in Australia, India, Indonesia and China. By acquiring upstream assets such as coking coal mines, iron ore mines, coke plants, logistic units, Abterra aims to differentiate itself by having control over the inputs in its core trading business.
Labels: iron ore