Jatenergy to invest in Indonesian coal asset

By Puspita Maylana Devi

ASX-listed Jatenergy limited has decided to invest in a new Indonesian coal asset.

Following completion of its due diligence on the Geronggang Coal Project, the company is looking to invest up to $650,000 in this new coal asset, the company said in a statement on Monday.

Should this project proceed to production as expected, this would bring to three the total number of Jatenergy?s actively producing Indonesian coal mines.

Jatenergy?s fully-owned Indonesian subsidiary, PT Barata Energy, has also signed two additional exclusive memoranda of understanding (MOUs) with PT Saijaan Prima Coal (SPC) and PT Platinum Prima Iron (PPI) for the establishment of additional coal and iron ore mining ventures.

Editing by Adianto P. Simamora