Indo Mines completes Fireside acquisition
Tuesday, May 25 2010 - 05:01 AM WIB
Australia-listed mining firm Indo Mines Limited announced on Tuesday it had settled the acquisition of Fireside Resources Limited, an Australian public company which holds the rights to the Mangkok Coal Project located in South Kalimantan and a number of other resource assets in Indonesia.
The company has also appointed Chris Catlow, Derek Fisher and Paul Kopejtka to join as non-executive directors.
Coal mining operations will commence shortly at the Mangkok Coal Project and Fireside has secured a US$3.6 million prepayment for the purchase of 300,000 tons of high quality thermal coal.
The coal is to be delivered from August 2010 in 50,000 tons shipments and the prepayment will be received by Fireside in 3 tranches, upon the achievement of certain operational milestones, it said. (denny)