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August 23, 2008

Indonesia’s Indika to acquire five coal mines
Indonesian coal-mining company Indika Energy inc. planned to acquire five coal mines with a total cost of $500 million, an Indonesian newspaper reported Friday.

The vice president of the company Retina Rosabai said that the acquisition aimed at supporting the company's plan to expand business.

"We target to acquire those mines to support our business expansion focusing on energy sector," she was quoted by Bisnis Indonesia daily as saying.

Rosabai said that the funds for the acquisition would be obtained from the proceeds of its initial public offering (IPO).

Indonesia, the world's largest coal producer, is forecasted to produce over 205 million tonnes of coal this year, according to data from energy ministry.

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