Aussie firm completes S. Kalimantan coal area acquisition

Australian fishing firm Sam?s Seafood Holdings Limited announced Friday that it had finally entered Indonesia coal business as it had settled the agreement to acquire 100% share of Triumph West Pty Ltd.

?The company has completed the necessary due diligence into the companies and their interests in Indonesia and as such completed the transaction on 27 Feb 2009. Triumph West Pty Ltd holds an indirect 80% interest in a coal exploration concession in Indonesia,? it said.

The firm did not provide details but in September 2008, it said Triumph had 80 percent shares an underground coal concession near Batulicin in South Kalimantan under mining authorization contract known as Kuasa Pertambangan (KP).

This concession covers an area previously explored by PT. Arutmin Indonesia and in the near vicinity of three exploitation/production licenses currently being mined by Arutmin, the company said.

The concession operated by KP holder PT. Roda Niaga covers an area totaling 6,412 hectares and forms part of a relinquished portion of Arutmin's contract area that lies immediately south and southwest of the Mereh block in the Batulicin area of South Kalimantan.

Based on previous exploration results, Triumph considers that the potential resources in the underground seams lying between the Ata and Mereh deposits is significant. However, more works are needed to determine a JORC compliant resource estimate, the company said. (denny)