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Thursday, 13 January 11
SPML INFRA TO DOUBLE INDONESIA COAL MINE OUTPUT IN TWO YEARS - DNA INDIA


DNA India reported that, Kolkata-based infrastructure company SPML Infra, formerly Subhash Projects & Marketing Ltd, will in two years nearly double the production at its Indonesian coal mine to 2 million tonnes per annum (mtpa), said chief operating officer Rishabh Sethi.

The production this fiscal will be short of the targeted 1 million tonnes (mt), he said, adding, “Our plan is to increase it to 1.5-2 million tonnes in two years.”

The maximum production at the PT Bism mine in the East Kalimantan province is 3 mtpa, which will take over three years. “It will involve some additional expenditure,” he said.

SPML bought the mine in 2008 with power equipment maker Emco for $40 million. SPML holds 55% and Emco the rest in the mine, which is spread over 5,000 hectare and has reserves of 100 mt.

The companies began mining in November 2009 and produced 20,000 tonnes a month initially.

“We now produce 70,000 tonnes per month,” said Sethi.

Though the company plans to export to the rest of Asia including India, currently it only sells locally.

The coal terminal at the mine, including the jetty, has a capacity to handle 2.5 mtpa.

For the three months ended September 30, SPML’s net sales grew 20% from a year ago to Rs313.5 crore and net profit jumped 83% to Rs12.5 crore.

SPML at the end of the quarter had an order backlog of about Rs3,700 crore, over half of which is from water contracts. The company plans to end the year with a portfolio of Rs5,000 crore.

Other than water, SPML is engaged in roads, airports and civil & industrial construction, among others. It is also developing 30 mini-hydel projects, according to its website.

To meet its capital needs, SPML plans to raise by March up to Rs175 crore through a qualified institutional placement or a private placement at the subsidiary level.

On Wednesday, SPML Infra closed at Rs215 a share, 1.69% lower over the Tuesday’s close on the BSE.
Source: DNA India



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