Killara Resources finalizing acquisition of five mining concessions in RI

Australia-listed firm Killara Resources Limited said that it expected to complete the planned acquisition of five mining concessions in Indonesia this year.

Chief Executive Officer Ridwan Zachirie said as quoted by Investor Daily that the company is currently in the final process of acquiring the coal mines in Sorong, West Papua and in Sintang, West Kalimantan.

?We are also in the final process of acquiring gold mines in Wetar, Sumba, and in Central Sulawesi. We hope to complete (the acquisition) in the middle of this year,? Ridwan said.

He said that the company would make decision regarding the planned acquisition in the next two or three weeks.

Ridwan declined to disclose its total investment for the acquisition, saying that the company has allotted between US$2 million and $3 million for the acquisition.

Killara currently has three mining business permits (IUPs) on manganese mining in Belu, East Nusa Tenggara covering 5,934 hectares.(*)