Indonesia's Delta Dunia Group (DOID.JK), opens new tab plans to grow through acquisitions, backed by strong support from its lenders, after it completed the $122.4 million purchase of Atlantic Carbon Group on Monday, director Iwan Salim said.

The Jakarta-listed company has been diversifying beyond its home base of Indonesia where it runs its BUMA coal mining services business. It bought Australia's Downer coal mining contractor business for A$139 million ($92.63 million) in 2021 and has now expanded into U.S. markets and mining anthracite coal, used to make steel.

Its latest deal has secured ownership of four producing anthracite mines in Pennsylvania, which will help Delta Dunia to lower its revenue from thermal coal to below 50% of its total revenue by 2028.

"We are going to use this very positive momentum going forward," Salim told Reuters. "We have a lot of support from our bankers if the growth opportunity is correct."

The activity comes as major financial institutions have shied away from lending to fossil fuel companies given climate change concerns.

Salim did not specify acquisition targets, timelines or the spending plans on them.

For Delta, the latest transaction and its growth plans are supported by a cash position of $322 million as of end June and a $750 million syndicated loan facility with PT Bank BNI (Persero) Tbk and PT Bank Mandiri (Persero) Tbk (BMRI.JK), opens new tab.

It has also received support from several Shariah compliant banks, Indonesian and U.S. bond holders in the past year given Delta Dunia's strong track record for repayments, he said.

The diversified mining services provider is looking at Australia, where Anglo American (AAL.L), opens new tab is set to sell its coking coal mines, for growth, as well as at other jurisdictions, Salim said.

"We will look at opportunities as they arise," he said. "Australia, because we're already there with Buma Australia, the contracting business, is something we actively look at."

"But with the American acquisition, you can see that our outward radar is not just on Australia."

The door is not closed on buys into mines producing other metals such as lithium or copper, but for now it plans to focus on what it knows best, which is coal, and mining services, he said.