Coal Fe revises value of acquisition targets
Tuesday, June 24 2014 - 11:09 AM WIB
ASX-listed Coal Fe Resources Limited anounced on Tuesday it had revised downwards the value of two mines in West Sumatra it plans to acquire.
Earlier, the firm estimated the value of 90 percent stake in PT Mineral Sukses Makmur (MSM) at US$6.5 million plus $5 per metric ton in royalty. Now, the firm values the stake at $2.5 million plus $5/ton in royalty.
Eearlier, the firm estimated the value of 70 percent stake in PT Tunggal Putra Nusantara (TPN) at $250,000 plus $5/ton in royalty. Now, the firm values the stake at $150,000 plus $5/ton in royalty.
MSM has an iron ore concession measuing 74 hectares in Solok, West Sumatra, while TPN has a coal concession measuring 100 ha in Palin, West Sumatra.
Editing by Johannes Simbolon