PHI Group to acquire Indonesian coal assets
Thursday, November 17 2011 - 05:23 PM WIB
US firm PHI Group, Inc. announced Thursday that it has signed a letter of intent to acquire coal mine assets from PT Bindakar, an Indonesian corporation with headquarters in Riau Province.
According to the LoI, PHI Group will acquire an estimated mineable coal reserve of 10 million tonnes located in an area of approximately 2,670 hectares in Rokan Hulu, Riau Province from PT Bindakar.
Both parties expect to enter into a definitive agreement to fix the price, terms and conditions of the transaction within the next few weeks.
Sample analysis data of the coal assets conducted by Sucofindo, an Indonesian company, show ash content of 17.75%, total sulfur 0.55%, total moisture 2.82%, volatile matter 48.19%, fixed carbon 33.02% and gross caloric value of 6,985 Kcal/kg, the company claimed.(alex)