Coal Fe acquires Jambi coal concession
Thursday, June 21 2007 - 01:48 AM WIB
ASX-listed firm Coal Fe Resources announced on Thursday it had signed conditional share sale agreement with PT.Bungo Raya Nusantara (BRN) for the acquisition of 60 percent of shares of PT. Nusantara Thermal Coal (NTC), a holder of a third generation Coal Contract of Work concession in Muaro Bungo regency, Jambi, Southern part of Sumatra.
BRN owns and controls 60 percent of NTC?s shares.
According to the company, total non-JORC resource for the concession is estimated to be at 29.9 million tonnes.
Coal Fe will pay BRN US$35 million in cash and $15 million in shares.
NTC coal has CV range of 5,676 ?6,900Kcal/kg. (alex/denny)