Altura enters into agreement to acquire 2 coal projects in South Kalimantan

By Nur Azizah

Australian-listed firm Altura Mining Limited announced that it has entered into an agreement to acquire a further two mining business permits (IUPs) in South Kalimantan.

The two mining permits are located near the existing Tabalong Coal Project JV IUPs and will more than double the current tenure holdings of 7,661 hectares to some 17,000 hectares.

It said that the parties will enter into a formal shareholders agreement upon completion of the due diligence process.

The transaction, which would be announced after the formal shareholders agreement, will permit the Altura controlled Tabalong Coal Project JV (70 percent Altura) to acquire 80 percent of each project with the vendors to retain the remaining 20 percent.

On completion of the acquisition of these two new coal projects, the expanded Tabalong Coal Project IV will comprise five IUPs in South Kalimantan.

Editing by Adianto P. Simamora