KRL reports key developments in H1

By Romel S. Gurky

ASX-listed Kangaroo Resources Limited (KRL) reported key developments made in the half-year June 30 including the commencement of mining services by newly appointed mining contractor, PT Putra Perkasa Abadi, at the Mamahak Coking Coal Project.

The contract, which has an approximate total value of US$270 million, is to mine up to 4.5 million tons over 5 years, including up to 1 million tons per annum, of coking coal from the Mamahak Project.

The company said that mining contractor tender pack for the GPK Thermal Coal Project has been completed.

In an interim report, the company said that it continued the regulatory process required to obtain government sign-off for the transfer of the outstanding equity in the Pakar Project to KRL.

?The completion of this process will further enhance the Company?s ownership of the Pakar Project and clear the way for commercial development of the asset to proceed,? it said.

KRL currently has interests in three Indonesian coal projects located in East Kalimantan, of thermal coal mines Pakar Project, coking coal and high quality thermal coal Mamahak Project and GPK Project.

Editing by Adianto P. Simamora