Aussie firm to acquire Indonesia coal mining firm
Monday, August 31 2009 - 02:39 AM WIB
Australian firm Reco Financial Services Limited (Reco) announced Monday that it has entered into a share sale agreement to acquire 100 percent of the shares of Blackcairn Resources (Singapore) Pte Ltd.
Blackcairn Resources (Singapore) Pte Ltd is a Singapore-based company that has been developing Indonesian coal projects throughout 2008 and 2009. It operates in Indonesia through a PMA (foreign investment) company called PT Indonesia Mega Energy (IME).
IME has four working areas, located respectively in Katingan in Central Kalimantan; Sungai Danau in South Kalimantan; Lower Mahakam and Tarakan in East Kalimantan, the company said.
IME has rights to a production interest in the Katingan and Tarakan Projects and an exclusive right to negotiate a production interest in the Sungai Danau and Lower Mahakam Projects, it said. (denny)