Petrosea sells stake at E. Kalimantan coal mine

Indonesian Stock Exchange-listed mining contractor PT. Petrosea has agreed to sell its 50 percent stake at Santan coal mine in East Kalimantan to its partner coal mining firm Tanito Group, an industry source said.

The source did not disclose the term and condition of the sale.

None of Petrosea officials were available for confirmation when contacted by Petromindo.Com on Friday.

Petrosea?s Technical Services Manager-Mining Ed Cooney told reporters on October 29, 2007 interview that the mine is currently on exploration drilling stage and would start production in 2008, using Tanito?s infrastructure. The mine is located close to one of Tanito?s mine.

Cooney did not give further detail about planned production capacity.

Petrosea is a subsidiary of Australia?s engineering contractor Clough Limited. (denny)