JAKARTA: Coal India Ltd, India-owned giant coal miner listed in Bombay Stock Exchange last year, is targeting for the initial shares of PT Golden Energy Mines, a business unit of Sinarmas Group.The coal miners interest had been proposed amid strategic sales negotiation process and preparation for the initial public offering, at once, as confirmed by Corporate Secretary of PT Dian Swastatika Sentosa Tbk Hermawan Tarjono.The subsidiary of Dian Swastatika will hold its initial public offering (IPO) in August by issuing 10%-20% of total shares priced at IDR2,300-IDR3,500 per unit. Then, while preparing the IPO, Golden Mines also releases 20%-30% through strategic sales with a proceed target of IPO and strategic sales by IDR4 trillion.Excluding Coal India, there are six bidders for IPO, such as India-based Tata Energy and Astra Group through PT United Tractors. However, the latest progress mentioned that United Tractors had taken out from the bidder shortlist.Golden Mines being a milestone of Sinarmas Groups coal business since 2008 is handled by Indra Widjaja, a emporium heir of Sinarmas business, while the operational business is handed over to his son, Furganto Widjaja.Previously, the coal miner was named PT Bumi Kencana Eka Sakti having 10 coal mining concessions by 57,000 hectares. Today, Golden Mines set a production target for 4,500-5,000 calorie coal by 5 million-8 million per year to cover Indias needs.By participating Coal India into Golden Mines, automatically the foreign companies list having synergy with national coal miners is added, as England-based Vallar and China-based CIC with Bakrie Group and Australia-based Kangaroo Resources Limited with Bayan Group, indicating great magnetism of Indonesias coal miners against foreign investors.The strategic cooperation is expected to have positive impact for both, while to implement a value hedge naturally for coal miners in general, as stated by PT PNM Asset Management fund manager Thauriq Anwar.Fiscal friendlyA new research conducted by Sydney, Australia-based Wood Mackenzie Research Consultancy mentioned that the coal production from PT Bumi Resources Tbk and PT Adaro Energy Tbk may drive up the national coal production to 71% in 2020.In an interview with Bloomberg in Coaltrans Asia Conference in Bali, an analyst Wood Mackenzie Rudi Vann said the coal production has an opportunity to soar to 515 million tons from 301 million tons last year. The estimation is also supported by lower cost and friendly fiscal policies in Indonesia leading to better coal industries in Indonesia than Australia-based coal industries.Bumi and Adaro will be two of three Indonesias largest exporters in 2015. Today, the worlds largest thermal coal exporters are Xstrata Plc, Bumi, and Anglo American Plc, he said.Amidst Coaltrans Asia Conference, PT Indika Energy Tbk Marketing Director Frank Choi expects for coal production to 31 million tons this year and continues to 34 million tons in 2012.PT Berau Coal, a subsidiary of PT Berau Coal Energy Tbk, through its Marketing General Manager Eko Natalina, targets 23 million tons for 2012s production from 20 million tons in this year and about 30 million tons in 2014.Adaro also reported this years production to 50 million tons or higher than initial estimation by 48 million tons leading to higher share price of Adaro by 3.16% to IDR2,450, the highest level since March 1, 2011.In the meantime, Bumi had paid off US$300 million debt (IDR2.7 trillion) for the first quarter 2011. Meanwhile, this year Bumi targets to decrease its debt by US$1 billion.(t01)

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