Aussie firm eyeing S. Sulawesi coal project
Friday, November 27 2009 - 09:33 AM WIB
Australian firm Wintech Group Limited announced Friday it has signed an MoU with an Indonesian company PT Pasir Walannae (PW) to acquire 51 percent stake in a coal concession located in South Sulawesi.
The company is about to commence legal due diligence, which is expected to start in the next two weeks and would pay PW a US$100,000 non-refundable deposit should the results are satisfactory.
The company would then have another 3 months to conduct due diligence and would pay another $900,000 along with royalty agreement if the company decides to proceed with the acquisition.
The company did not give detail about the target asset. (alex)