Lanna, Kaltim Batumanunggal terminate coal project
Friday, May 9 2003 - 02:56 AM WIB
Thai coal miner Lanna Resources Public Company Limited and PT Kaltim Batumanunggal on May 1, 2003, decided to terminate a joint venture plan to develop a coalmine in Kutai regency, East Kalimantan, the former announced on Friday.
There is no clear explanation why the project had been terminated. Lanna only said that until the planned project has not yet been started.
Under the US$6.5 million joint venture plan, Lanna will invest some $2 million in the coal mine, which is estimated to have some 14 million tons reserves of high-grade coal. Lanna holds 90 percent of the shares in the joint venture, with PT Kaltim Batumanunggal holding the remainder.
Aside from this joint venture, Lanna through its 63.33 percent owned subsidiary?s, PT Lanna Harita Indonesia, operates another coalmine site near Samarinda, the capital city of East Kalimantan province. (robert)