Orpheus signs strategic alliance with Mega Coal

By Cepi Setiadi

Australia-listed coal company Orpheus Energy said that it had signed strategic alliance with PT Mega Coal, an Indonesian coal miner.

"Orpheus has progressed plans to expand the Strategic Alliance with PT Mega Coal with an ongoing acquisition program underway," the company said in its presentation to the ASX.

It said that the company has also identified a number of projects for possible acquisition located in Kintap and Tapin areas of South Kalimantan and in East Kalimantan.

"All have good infrastructure including good proximity to barge loaders or appropriate port sites and transport options."

The company added that the framework has been developed to allow completion of the following activities: technical review of each project, Memorandum of Understanding with each owner, and term sheet for Orpheus participation and completion of legal due diligence.

Editing by Adianto P. Simamora