Orpheus sells E. Kalimantan coal project
Friday, November 1 2013 - 04:06 AM WIB
ASX-listed coal miner and trader Orpheus Energy Limited reported Friday that it has recently sold two coal concessions in East Kalimantan to undisclosed buyer for US$2 million.
The company said the two concessions sold are B2 and B6. According to the company?s website, the B26 project is located approximately 100km from Balikpapan and has a total exploration target of 2.8Mt to 4.5Mt of high grade thermal coal with some coking coal potential (current JORC Resource of 1.13Mt).
The company also holds a 51 percent equity in Block 3 and Block 4, which are located approximately 60km west of B26 with combined exploration target of 5-10Mt and calorific value of 7200 to 8100 Kcal/kg. The company said it continued to review ?options to maximize shareholders value? on the block.
Editing by Reiner Simanjuntak