Madhucon Projects has spurted on news that its subsidiary, PT Madhucon Indonesia has been granted a new coal mining business permit for exploration of 30,970 hectares at Mauraduwa in south Sumatra, Indonesia. The stock is trading at Rs 159, stronger by Rs 10 or 6.9%, on the BSE. The shares had opened at Rs 155, which was also the day's low, and have touched a high of Rs 163 thus far.
The company will employ various agencies for environmental impact, coal exploration analysis and necessary clearances. It expects approvals for production within the next four years, the company said in a filing to the BSE on Monday.
Madhucon already operates a coal mine of 10,000 hectares at Dawas in south Sumatra and is in possession of another coal mine in Indonesia in east Kalimantan under a mining contract.
