GS Energy and GS Global announced on April 20 that they jointly acquired a 14.74-percent stake in Indonesia’s “BSSR Coal Mine” located in Kalimantan Island. The BSSR Coal Mine consists of two bituminous coal mines stretched from the southern part to the eastern tip of Kalimantan Province.
With an estimated reserve of about 140 million tons, the BSSR Coal Mine has an annual output of about 10 million tons.
GS Energy and GS Global each acquired a 9.74-percent and a 5.0-percent stake in the mine. GS Energy, which gained the right to sell the coal produced in the mines, plans to sell it to Asian countries for industrial and power generation use.
The coal produced at the BSSR Coal Mine is high-quality low-sulfur coal. Since the coal mine is located near the coast, the transportation of coal is relatively cheap and easy, thereby leading to an improvement in their cost competitiveness.