Daewoo quits Kalimantan coal mine project

South Korean firm Daewoo International Corp. said Wednesday that it had scrapped a plan to join a coal mine development project in Kalimantan province as the study showed that the venture is uneconomic.

Daewoo International signed an agreement with PT. Gunung Bayan Group and state-run Korea Resources Corp. in October 2004 to develop the coal project. (*)