Black Ridge cancels Bengkulu coal acquisition

Australian mining firm Black Ridge Mining NL (BRM) said on Monday it has withdrawn, by mutual consent, from the Exclusive Dealing Agreement with PT Inmas Abadi for the coal concession in Bengkulu province.

?The legal issues with this agreement were far more challenging than the collection of geological data and ultimately, it was deemed inappropriate for the company to continue whilst these were being addressed by the relevant parties,? the company said in a statement.

The Company continues to evaluate further opportunities in the coal and gold sectors in Indonesia and will report on any progress in due course, it said.

Black Ridge entered into an agreement with Indonesian coal producer PT. Inmas Abadi (PIA) in relation to PIA?s subbituminous coal deposit in Bengkulu province in December last year and have 5 months to conduct further legal and geological inquiries before participating in the development of the project. (denny)