Gulf Mines to acquire coal mines in Indonesia

By Demas Simbolon

Australia-listed firm Gulf Mines Limited announced Wednesday that it will now start assessing the possible acquisition of several significant coal projects in Indonesia which have been identified for it by Legend Way Capital Limited.

Legend Way itself has entered into an exclusivity agreement with an Indonesian company, PT Tawang Swasti Motorindo (TSM), under which TSM through its comprehensive contacts and business network in Indonesia and its association with Legend Way, has introduced Legend Way to several coal resource projects. This in turn has enabled Legend Way to identify the projects now being assessed by the company.

The status of these projects which are being extensively assessed by the company ranges from early stage exploration to defined resources.

The company is confident through the assessment of these projects, it will be able to acquire a suitable project which will achieve its aim of becoming a profitable and substantial coal miner in the near future.

Editing by Denny H. Tarigan