Mitra cancels coal mining acquisitions
Friday, February 19 2010 - 01:50 AM WIB
IDX-listed firm PT Mitra International Resources announced on Thursday cancellation of plan to acquire two South Sumatra coal mining firms.
The Company said that acquisition of PT Realita Jaya Mandiri and PT Masindo Artha Resources was canceled on failure to reach agreement on terms and condition.
In March 2009, Mitra International signed a memorandum of understanding (MoU) with PT Realita Jaya Mandiri dan PT Masindo Artha Resources, which have mines in Musi Banyuasin, South Sumatra.
PT Realita operates a coal KP concession of about 1,598 hectares, which has started production, while Masindo owns two coal KP concession areas of 5,600 hectares and 4,400 hectares, respectively. Reserves at the three concessions are estimated at 100 million tons. (denny)