Korea Polymer halts negotiations on RI mines

Korea Polymer said on October 13 that it has halted its negotiations with an Indonesian company to develop mines in Indonesia due to difference of opinions.

Koreaherald.com reported that the South Korean industrial packaging manufacturer signed a memorandum of understanding on August 3 to acquire 40 percent stake in the Indonesian firm that holds a manufacturing license for mining in the country.

Korea Polymer announced on Sept. 13 that it is ?mulling a bid for supplying bituminous coal to Korea Electric Power Corp. and other power plants.?

?The memorandum of agreement on developing mines in Indonesia can be turn into an actual contract and we are in the progress of raising capital with forfeited shares from its initial public offering after offering to shareholders,? Korea Polymer added.(*)