Kangaroo Metals in coal JV deal with Alexis Minerals

ASX-listed Kangaroo Metals (KML) has entered into a heads of agreement with Alexis Minerals International, which would give KML the option to enter into a joint-venture (JV) agreement in relation to the Bara Pratama and Mitra Bara Karya coal projects, in Indonesia.

Under the agreement, KML would pay a cash advance of $100 000 to enter the JV. In return, Alexis has agreed to provide KML with all material it reasonably requests to complete a legal and technical due diligence on the projects, within 21 days, at which time KML could elect to either proceed or withdraw from the JV.

Both Bara Pratama and Mitra Bara Karya are KPs that are located in East Kalimantan with potential of high CV coal. (alex)