Chapmans invests $200,000 in Jatenergy?s RI coal project
Tuesday, December 3 2013 - 01:09 AM WIB
ASX-listed investment firm Chapmans Limited announced Tuesday it has executed the formal agreement with another ASX-listed firm Jatenergy Limited to provide financing for the latter?s coal project in East Kalimantan, Indonesia, in exchange for half of the profit.
Under the agreed terms Chapmans has invested US$200,000 for Jatenergy?s Jongkang coal project to increase production and accelerate substantial cashflows in exchange for a 50 percent profit share with Jatenergy.
Jatenergy?s Jongkang coal projects are in production and have already produced over 35,000 tons of high energy thermal coal used for power generation in South East Asia . The production site is located in Tenggarong, a well known proven coal production region in East Kalimantan, Indonesia, only 30km?s from the port of Samarinda, a major hub of Indonesia?s coal industry.
Chapmans is an ASX-listed specialist investment company engaged in short term high yielding special situation investments across a diversified range of industries including resources, property and technology.
Jatenergy said in a statement November 19, that Chapmans also has the option to invest a further $850,000, which if realized will result in the company having a 50 percent ownership in Jongkang, Geronggan, and Sebuku coal projects in East Kalimantan.
Editing by Reiner Simanjuntak