NT Holding expands Indonesian coal business

Hong Kong-based mining firm NT Holding Corp. announced Wednesday it has entered into a letter of intent (LoI) with PT Nusantara Coal, an company that owns a 60-year concession right on a coal mine located in Bengkulu province.

According to the company's release, the coal mine concession occupies a land mass of approximately 9,000 hectares and PT Nusantara indicated that their internal estimate on the amount of coal reserves in the concession is approximately 100 million tons.

NT plans to acquire a 70% equity interest in the concession right from PT Nusantara.

NT had already has a mining interest in Kalimantan through its subsidiary PT Borneo Mineral that owns a 30-year coal mining right concession. (alex)