Realm to acquire C. Kalimantan coal concession
Tuesday, April 12 2011 - 02:38 AM WIB
Australia-listed firm Realm Resources Limited announced Tuesday that it has entered into an option and share sale agreement under which the shareholders of Cayman island-incorporated firm Kalres Limited have granted to Realm an option to acquire all of the issued capital in Kalres.
Kalres is a party to a Master Agreement (Master Agreement) with PT Sinar Mulia Anugerah Agung (PT SMAA), under which Kalres can acquire up to a 75% interest in an Indonesian coal company, PT Katingan Ria, which holds the Katingan Ria concession in Central Kalimantan.
The arrangements are subject to technical, commercial and legal due diligence investigation which have commenced.
The Katingan Ria Project covers 5,053 hectares under IUP (Exploration No. 274) and is located in Central Kalimantan within the Katingan Hulu district, approximately 175km North West of the regional capital of Palangkaraya. (romel)