Altura to consolidate RI coal assets into new entity

By Romel S. Gurky

ASX-listed Altura Mining Limited said that it would consolidate all of its Indonesian coal assets into a new separate coal-focused entity, Merida Corporation Pte Ltd, which is proposed to be listed on the Singapore Stock Exchange.

Altura?s Indonesian coal assets comprise of:
(a) a 33⅓ percent interest in the Delta coal mine in East Kalimantan (the Delta Project); and
(b) a 70 percent interest in three Mining Permits (SPK, SCC and SP) and a 56 percent interest in two Mining Licences (KM and MBM) that form the Tabalong coal project in South Kalimantan.

?As part of the planned listing process, new funds will be raised in Singapore to fund the development of the Tabalong project through to production, strengthen the balance sheet for the existing Delta mine and progress the exploration programs for both projects,? the company said in a quarterly reported seen Friday.

The company said while it will no longer have majority ownership of the Tabalong project, it will however retain a controlling interest by holding two of the five board positions, including the chairman?s role.

Editing by Reiner Simanjuntak