Cape Range ups stake in Indonesian coal mining contractor

Australian firm Cape Range Wireless Ltd announced on Monday a deal revision where it had taken over 100 percent shares of Metro Consolidated Resources Pte Ltd instead of 20 percent agreed earlier.

Metro owns 100% of the shares in PT Metro Consolidated Resources (MCR), which has entered into a sub-contract with PT Batubesar Mega Nusantara (BMN) to conduct mining activities on a coal prospect in South Kalimantan covered by Coal Contract of Work owned by PT Senamas Energindo Mulia.

Senamas has appointed BMN as its mining contractor and BMN's rights have been sub-contracted to MCR in return for a royalty payment by MCR.

The company also reported that mining activities had commenced with production expected starting in 2-3 months? time.

The company did not give detail about production target. (alex)