Jatoil acquires Kalimantan coal mines

ASX-listed jatropha grower Jatoil Limited announced on Monday it has entered HoA to acquire significant coal assets in Kalimantan with an early-stage mining operation would commence within nine months.

Jatoil has agreed, subject to the completion of various conditions precedent including the execution of a Share Purchase Agreement and final due diligence, to acquire 100% of Blackrock Resources Pty Ltd.

Blackrock is a Sydney based private company that has interests in up to five coal projects in Kalimantan. Blackrock?s coal assets are sited in eastern and central Kalimantan, some being close to the coast and existing infrastructure. It is expected that open-cut coal mining could commence within six to nine months at two project areas. The remaining project areas are currently being secured providing an exploration target of over 90 million tonnes of coal, the company said. (alex)