PHI Group to acquire Jambi coal mine
Wednesday, January 11 2012 - 04:19 PM WIB
LA-based firm PHI Group, Inc. announced Wednesday that it has signed a Letter of Intent to acquire approximately 20.7 million metric tonnes of coal resources, together with the operation and production license (IUP Operasi Produksi), located in an area of 2,000 hectares in Kabupaten Sarolangun, Jambi Province from PT. CSP, an Indonesian corporation with headquarters in Jakarta .
According to the signed Letter of Intent, PT. CSP and PHI Group will enter a definitive agreement to fix the price, terms and conditions of the transaction within February 2012.
Analysis of the PT. CSP coal samples conducted by PT. Geoservices Ltd., Bandung Coal Laboratory, Indonesia , show air-dried-basis gross calorific value in the range of 5,087 ? 5,884 Kcal/kg, the company said.
?This transaction is part of PHI Group's ongoing program to acquire and accumulate energy and natural resource assets in Southeast Asia , partner with coal-fired power plants and introduce advanced clean coal combustion technology to existing and new plants in Asia?, it added .
To date, PHI Group has signed agreements to partner with Sao Nam Group to build a 2,400 to 3,600 MW coal-fired power plant in Hai Khe Commune, Hai Lang District, Southeast Quang Tri Economic Zone, Vietnam and with Hoang Ngoc Joint Stock Company to build a 2,000 MW coal-fired power plant in Vinh Hau Village, An Phu District, An Giang Province also in Vietnam .
Editing By Alexander Ginting