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Indonesia’s investment company PT Astrindo Nusantara Infrastruktur (Astrindo) has agreed to purchase Thai state-owned energy firm PTT’s coal unit for $471m.

PTT’s coal unit, PTT Mining (PTTML), holds coal concessions in Brunei Darussalam and Madagascar. It also holds three coal mines in Kalimantan, Indonesia.

Astrindo will acquire PTTML from PTT International Holdings (PTTIH), a wholly owned unit of PTT.

Astrindo president director Ray Anthony Gerungan said: “The acquisition of PTTML appears opportunistic given the current prices of global coal. But our intention to buy coal mines started well before the recent surge in prices.”

Astrindo director Michael Wong said: “The immediate impact of the acquisition of PTTML to Astrindo is substantial. Our financial performance in 2022 will show a significant jump given the current price of coal.”

PTT president and CEO Auttapol Rerkpiboon said that the sale forms part of the firm’s plan to focus on sustainability and clean energy and its new vision of ‘Powering Life with Future Energy and Beyond’.

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For Astrindo, the deal is part of its efforts to create a ‘highly efficient infrastructure platform’.

Astrindo plans to institute measures and investments to help its coal mines operate on a carbon neutral basis.

An investment firm specialising in integrated energy infrastructure, Astrindo owns and operates infrastructure through subsidiaries PT Astrindo Mahakarya Indonesia and PT Mega Abadi Jayatama.

In June 2022, Reuters reported that South Korean battery manufacturer LG Energy Solution (LGES) commenced construction on two nickel processing plants in Indonesia.