Jatenergy to acquire 80% Coal Soil
Friday, April 27 2012 - 07:58 AM WIB
Australia-listed energy firm Jatenergy Ltd reported that the company is in process of acquiring 80 percent of a local company PT Coal Soil Brik which holds exploration license for Katingan project in Central Kalimantan. Coal Soil has concession area of 5,000 hectares.
The company is also in process of being converted into a foreign investment vehicle, according to its quarterly report.
?The Katingan project is still the process of applicable regulatory approval,? the report said.
Jatenergy currently has coal operations in namely Jongkang I and II and the Atan Bara.
The Jatenergy commenced production during the March quarter at both Jongkang I and Jongkang II mines. More than 11,000 tons of coal was exported during the month of March to Singaporean buyers, with projected revenue in excess of US$1 million.
Editing by Adianto P. Simamora