Singapore, Jun 03, 2013 (ACN Newswire via COMTEX) — Terra Resources Trading Singapore Pte Ltd is pleased to announce a 30% acquisition in PT. Palaran Sinergi Mas (“PT.PSM”) for an undisclosed amount. PT.PSM is a fully licenced multi-product loading river terminal located in Sanga Sanga River, Palaran, East Kalimantan, Indonesia. Furthermore, PT.PSM is a Foreign Direct Investment company (Penanaman Modal Asing-PMA), with a business scope of trading, mining operations and mining contracting, apart from logistics.
PT.PSM is currently operating as 100% thermal coal loading facility, with 2 loading points and one more under development, of maximum 300ft river barge loading capability. PT.PSM is strategically located in the Sanga-Sanga River, 6-8 hours from the transhipment point, is the only terminal in the area with a formal Port License, thus not limited to loading thermal coal but can also facilitate any types of commodities and cargo.
Current capacity is 100,000MT/month, which Terra is planning to expand to 250,000MT/month within one year to meet increased demand in Palaran area, since PT.PSM is the only loading terminal in the specific area with available capacity and 300ft barge loading capability. The area surrounding PT.PSM is coal rich with grades varying from GAR 3600-5500, Terra has plans to diversify the operations, potentially expanding to fuel storage due to the location of PT. PSM next to Samarinda’s container terminal and the fuel demand from mining operations in the area.
Terra with their partners will hold a controlling majority stake and have been assigned as the management and financial controllers of PT.PSM. Terra has appointed two Directors in PT. PSM, Mr. Panos Eleftheriadis and Mr. Constantinos Demetriades, who will be operating between Singapore, Jakarta and Samarinda.
About Terra Resources Trading Singapore Pte Ltd
Terra is an integrated logistics, mining, trading and advisory company founded in 2012 in Singapore. The Company aims to grow in the minerals space focusing predominately in Indonesia. PT. PSM is Terra’s latest acquisition and part of their recently deployed business plan, involving the development of thermal coal and chromite mineral sands mining assets in Indonesia. Until the end of 2013 Terra plans to have at least 2 thermal coal mines and one chromite concession in operation, funded by an amalgamation of own funds, private investors and debt. More information can be found on www.terrares.com.