Three state mining firms to be joined in holding company soon

Jakarta (Antara News) - The government is soon to realize its plan to form a holding company comprising three state-owned mining companies -- PT Aneka Tambang , PT Tambang Batu Bara Bukit Asam and PT Timah -- named Indonesia Resource Company (IRC)), a spokesman said.

"We already have drawn up the blueprint of IRC and only need to present it at a cabinet meeting," State Enterprises Minister Sofyan Djalil said in reply to reporters` questions here Tuesday.

He said before launching the IRC, the plan had first to be tabled at a cabinet meeting and this was expected to happen within the next three months.

After IRC`s inception, it would be the biggest mining company in the country , Sofyan said , adding that eventually the government would transfer its stake in PT Freeport to IRC.

The purpose of IRC`s formation was to have a stronger mining company, facilitate and allow more speedy coordination among the three companies, the minister said.

Earlier, the government was reported to have proposed at shareholders` meetings of the three companies that they soon set up an integrated holding company in order to have a better administrative management system.

The three mining companies have so far been projected to make a combined net profit of Rp2.1 trillion in 2007. (*)
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