Borneo Resource acquires 9,601 hectare coal concession

By Romel S. Gurky

Borneo Resource Investments Ltd. announced that it has signed an agreement to acquire 80 percent of BT Berkat Bumi Waigeo (Waigeo).

Waigeo 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.

"Whilst our concession platform has to date been focused in Kalimantan, the opportunity to acquire this property was extremely attractive, given the quality of coal and estimated size of the reserve." Nils Ollquist, Chairman and CEO of Borneo said.

"The concession acquisition activities have and will continue to expand the company's portfolio and increase shareholder value as we build the company."

Editing by Adianto P. Simamora