Borneo Resource acquires 8,800 ha coal concession

By Alexander Ginting

US publicly-traded holding company for investment platform, Borneo Resource Investments Ltd has signed an agreement to acquire 90 percent of PT Berkat Banua Masanggu which holds a 8,800 hectare thermal coal mining concession in the South Kalimantan.

The company said in the statement that the acquired concession contains estimated reserves of approximately 6 million metric tons of high-quality thermal coal.

?Our ongoing efforts in the region continue to give us the opportunity to secure very attractive properties with high quality coal, thus enabling us to continue to expand the Company's portfolio and increase shareholder value." Nils Ollquist, Chairman and CEO of Borneo said.

Borneo Resource earlier said that it signed an agreement to acquire 80 percent of BT Berkat Bumi Waigeo (Waigeo) which holds a 9,601 hectare thermal coal mining concession in the West Papua Province. The concession contains estimated reserves of approximately 25 million tons and measured reserves of approximately 800,000 tons of high-quality thermal coal.

Editing by Adianto P. Simamora