Coal Fe acquires W. Sumatra mining assets, unveils board changes
Friday, October 17 2014 - 05:06 AM WIB
ASX-listed Coal Fe Resources Ltd announced Friday it has completed the acquisition of iron ore and coal mines in West Sumatra.
The company said in a statement it has acquired a 90 percent stake in PT Mineral Sukses Makmur (MSM), which operates an iron ore concession measuring 74 hectares in Solok, West Sumatra. Consideration being US$2.5 million over staged payments plus a royalty.
It added that the company has also acquired 70 percent of PT Tunggal Putra Nusantara (TPN), which operates a 100-ha coal concession in Palin, West Sumatra. Consideration being US$150,000 over staged payments plus a royalty.
Following completion of the transactions, the Board of Coal Fe has been restructured to increase the experience of the board in assisting the company to finance and develop the new projects, the statement said.
To this end, Faris Azmi Abdul Rahman and Moon Hean Chong will remain on the board as non-executive directors, together with Robert Swarbrick as Managing Director.
Also joining the Board will be Ben Donovan, who is a member of Chartered Secretaries Australia and provides corporate advisory and consultancy services to a number of companies. Donovan is currently a director and company secretary of several ASX listed and public unlisted companies, and has extensive experience in listing rules compliance and corporate governance, having served as a Senior Adviser at the Australian Securities Exchange (ASX) in Perth, including as a member of the ASX JORC Committee. In addition, Donovan has experience in the capital markets having raised capital and assisted numerous companies on achieving a listing on ASX, as well as a period of time as a private client adviser at a boutique stockbroking group.
The remaining current Board members being Foo Khee Chan and Yeo Wee Thow have resigned from the Board.
Donovan will also take over as company secretary following completion of the transaction, replacing Jatin Cholera.
Editing by Reiner Simanjuntak