Magnus Energy to complete acquisition of Batubara Selaras coal mine

Singaporean firm Magnus Energy Group Ltd said Friday it had allocated about S$5.065 million (US$=S$1.58) of the total S$19.52 million net proceeds from the newly completed share placement to complete the payment of US$3.2 million for the acquisition of 72 percent shares in PT Deefu Chemical Indonesia.

PT Deefu is the owner of 95 percent shares in PT Batubara Selaras Sapta, a third generation Coal Contract of Work (CCoW) holder with concession in Pasir regency, East Kalimantan,

Magnus has said one of the concession prospective areas was estimated to contain around 500 million tons of inferred and indicated coal reserves with calorific value ranged from 6000 to 7000 Kcal/kg. (Robert)