Kangaroo Resource pursuing gov sign-off on ownership of Pakar

By Nellawati

ASX-listed Kangaroo Resource Limited(KRL), which previously announced the execution of direct foreign ownership of five key concessions and one asset-holding company at the Pakar Project, has stated it is continuing the regulatory process required to obtain Government sign-off for the transfer of outstanding equity in the Pakar Project to be transferred to KRL during the quarter.

The Pakar Coal Project is a cornerstone asset in KRL?s Indonesian coal production strategy, and the transfer of outstanding equity for direct ownership will secure KRL?s exposure to future cash flows to be generated by the Project, complementing its existing portfolio of thermal and coking coal projects in Indonesia.

"In addition, the Company is in process of preparing feasibility studies and environmental impact studies to submit to the regulatory authority to convert all concessions from exploration status," it said in a statement available at the exchange.

The company is also waiting for receipt of several Pinjam Pakai (environmental) permits before any on-site works can proceed at the Pakar Project.

Editing by Er Audy Zandri