Altura?s SPK registers for C&C certificate
Monday, July 30 2012 - 01:38 AM WIB
Australian-listed firm Altura Mining Limited said that PT Suryaraya Permata Khatulistiwa (SPK) has registered for Clear and Clean (C&C) status at the Ministry of Energy and Mineral Resources office.
Securing C&C status means no overlapping conflict with other IUP holders.
In its quarterly report, Altura received confirmation on SPK?s C&C registration on May 2012.
Two other Altura IUPs, PT Suryaraya Cahaya Cemerlang (SCC) and PT Suryaraya Pusaka (SP), are expected to register for the C&C status in near future.
Altura also reported that progress was made during the second quarter to change the ownership structure of SPK, SCC and SP, reflecting the establishment of the joint venture between Altura (70 percent) and PT Unitras Jaya Investama (UJI).
Altura earlier said that the company has entered into agreement to acquire three new mining permits surrounding its Tabalong Project through joint ventures with Indonesian partners, one successful deal has been made with once concession owner PT Unitras Jaya Investama.
Unitras' IUP, located around 15 kilometers east of the main Tabalong Project, comprises of 3,250 hectares of prospective coal ground with 20 years Operation Production permit from December 31, 2009 with further 10 years extension option, currently waiting for Forestry Permit approval.
Upon completion of this transaction, Altura will hold 70 percent of the Tabalong Coal Project, with Unitras holding the remaining 30 percent. Combined with Unitras' IUP, the total holding is increased from 4,411 hectares, owned by SPK and SCC, as well as another IUP owned by SP, to a total of 7,661 hectares.
Editing by Adianto P. Simamora