PHI signs LoI to acquire a Kalimantan coal mine
Thursday, February 2 2012 - 05:15 PM WIB
LA-based firm PHI Group, Inc., a company focused on energy and natural resources, announced Thursday that it has signed a Letter of Intent to acquire approximately 100 million metric tons of coal resources, together with the operation and production license (IUP Operasi Produksi), located in an area of 9,900 hectares in East Kalimantan, from PT. MSP, an Indonesian company with headquarter in Kutai Timur regency.
According to the signed Letter of Intent, PT. MSP and PHI Group will enter a definitive agreement to fix the price, terms and conditions of the transaction within the month of March 2012 or soon thereafter.
Analysis of the PT. MSP coal samples shows gross calorific values in the range of 5,300 - 6,300 kcal/kg. Coal thickness is between 6 to 18 meters and stripping ratios 1:3 and 1:5.
?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,? the company claimed.
The company is currently working with major international institutions in New York, Europe and Asia to arrange financing for these programs.
Editing by David Mustakim