Padang Resources to acquire 70% shares in Paser Pte Ltd
Monday, April 16 2012 - 04:08 AM WIB
Australia-listed resource company Padang Resources Limited announced that the company has signed a Memorandum of Understanding (MOU) with shareholders of Paser Pte Ltd., a company incorporated in Singapore, over its plan to acquire 70 percent shares of Paser project.
Paser has entered into a conditional and binding MOU with PT Gunung Mentari Mining to acquire a 100% joint venture interest in a coal project in East Kalimantan.
?Padang believes that the Paser Project has the potential to resume production subject to a positive mining study,? the company said in the statement.
The Paser Project located in Petangis village, Paser Recency in East Kalimantan, covers 43 hectares within Tanjung formation with good quality hauling roads exist in and around the concession area, and a jetty located within 14km of the concession.
Padang engaged an independent geologist based in Balikpapan with direct experience in coal mining projects within the Tanjung Formation, Paser Regency.
Editing by Adianto P. Simamora