Manhattan, Wahana Baratama agree to extend coal conveyor system study
Tuesday, September 19 2006 - 12:42 PM WIB
Singapore firm Manhattan Resources Limited said Tuesday it had extended its Memorandum of Understanding (MoU) with PT Wahana Baratama Mining for an additional 6 months following its expiration on 1 September 2006.
Under the MoU, Manhattan is mulling to construct an 18-kilometer coal-carrying conveyor system under ?build-own-lease-transfer? basis at Wahana?s coal concession in South Kalimantan province.
Manhattan said the extension will enable it to conduct due diligence on the technical and financial viability of the conveyor system project.
Wahana is a third generation Coal Contract of Work holder. The company is a subsidiary of PT Bayan Resources, which is related to Manhattan?s substantial shareholder, Manhattan Investments Pte Ltd. (Robert)