Gulf Mines plans to develop coal project in W. Kalimantan

By Ruli Setiawan

ASX-listed firm Gulf Mines Limited announced Wednesday a major initiative in its future development strategy with a focus on developing coking coal and copper projects in the resource rich country of Indonesia.

Gulf said in a statement it is in early stage discussions to develop a coal project in West Kalimantan in joint venture with a local Indonesian group.

?As a major shareholder of Asia Minerals Corporation Limited (AMC), which is developing an extremely high grade Indonesian manganese project, Gulf has the benefit of local expertise and experience. Gulf Coal Pty Ltd (Gulfs fully owned subsidiary) will have a ready made off-take market with AMC as they develop their manganese alloy smelter facilities requiring coking coal for furnaces and thermal coal for a power station,? the statement said.

Gulf announced Tuesday the successful completion of a placement of shares to raise $650,000 in preparation of its Indonesian strategy.

Gulf Chairman, Peter Remta, commented ?In addition to Gulf developing a coal project utilizing its executives Indonesian experience, the company will have a market with Asia Minerals together with the ever increasing demand for more coal from India. A future coal project, our holding in Asia Minerals and our existing highly prospective copper tenement in the Northern Territory have the hallmarks of building a successful medium sized resources group?.

Editing by Reiner Simanjuntak