JX Nippon buys 5% stake in West Papua coal mine
Tuesday, June 7 2011 - 09:06 AM WIB
Japanese firm JX Nippon Oil and Energy Corp, a unit of JX Holdings, has bought a 5 percent stake in an Indonesian mining company PT Horna Inti Mandiri, the firm announced Tuesday.
Horna owns a coal mine in West Papua province which is expected to start production in the second half of 2012, the company said in its statement to the Tokyo Stock Exchange, without giving details on the pricing.
The mine has estimated resources of 100 million tonnes of coal with heating value of 6,700 kcal/kg air-dried basis (ADB). (denny)