Jade pulls out from Indonesia coal project

Singapore Exchange-listed firm Jade Technologies Holdings Ltd. said on Tuesday that it had decided not to proceed from exploration and development of a coal mine located at IV Koto Sitingkai Agung, Riau province (KSA Coal Mine).

?Jade has decided not to proceed with the KSA Coal Mine Project and will no longer focus on the coal mining sector as it plans to deploy all its resources to the new titanium dioxide business in China,? the company said in full year financial statement, without giving further details.

In January 2009, Jade through its Indonesian subsidiary, PT Merlion Resources International, has signed a binding MOU with PT Lipan Kokindo (LK) and two other potential individual investors to cooperate in the exploration and development of a coal mine in IV Koto Sitingkai Agung.

In March 2008, Jade also decided not to proceed with Mt. Galugua coal mining project in West Sumatra due to low reserves and low coal quality. (denny)