Korean firm signs coal exploration deal with Indonesian firms

South Korean firm Inni-Korea Resource Ltd. has signed a deal with three Indonesian companies on the exploration of a 50,000-hectare mine area in Kotabaru regency, South Kalimantan, Banjarmasin Post reported on Monday.

The three Indonesian firms are PT Tri Agape, PT Senamas Energindo Mulia and PT Stargen Indah Borneo.

Inni agreed on the development of infrastructure and preparation of production in a joint venture with its Indonesian partners, and will invest $50 million in the first phase of the project.

Tri Agape's President Director Jimmy Makaenas said that the mine has coal resource about 289 million tons, adding that the company had obtained permit to develop the mine for 30 years starting December 2000. (*)