Australia's EQiTX in Indonesian coal business

Perth-based biotechnology firm EQiTX Limited will reinvent itself as a coal mining firm as it announced on Monday that it has signed a binding Terms Sheet with a consortium that will enable it to take an 80% interest in five coal permits in Indonesia.

“The focus of the company will become coal exploration and production and, subject to shareholder approval, the Company will change its name, Board and Management to reflect this new line of business, the company said.

The five exploration permits cover approximately 66,000 hectares of land in Southern Sumatra. Specifically, the permits covered under the Terms Sheet are:

The company will acquire the rights to 80% of the net profits generated from the production of coal from the five Indonesian mining permits from Capital Investment Partners Pty Ltd and Corporate and Resource Consultants Pty Ltd (vendors).