EQiTX Indonesian coal mine acquisition plan delayed

ASX-listed biotechnological firm turned to miner EQiTX Limited said that that initial legal due diligence into the ownership of the Indonesian coal permits has yet to be completed as scheduled.

As a result the Company has not been able to move into the planned detailed exploration program that is intended to verify the prospectivity of the permits, it said in a report last week. The company did not reveal the cause of the delay.

The company in July 2004 had signed a binding Terms Sheet with a consortium that will enable it to take an 80% interest in five coal permits in South Sumatra, covering an area of 66,000 hectares.

The delay has led the Board to consider other Indonesian coal opportunities, the company said. (alex)