Singapore?s Dayen enters coal mining agreement with MIM

Singapore-based firm Dayen Environmental Limited announced on Tuesday that it has entered into an agreement to acquire a 6.09 percent stake in Indonesian stock exchange-listed firm ATPK Resources for US$5.3 million.

Dayen has also entered into a mining right agreement with PT Modal Investasi Mineral (MIM), a 96.77 percent subsidiary of ATPK Resources, it said

The agreement is for the exploitation and marketing of 5.0 million metric tonnes (MT) of coal from a MIM?s Damanka mine located in Sangatta, East Kalimantan.

Dayen is given the right to mine, remove, transport, process and market up to 5.0 million of coal from Damanka over seven years with a fixed royalty payment of US$5 per MT, the company said.

The mining right agreement expires on December 17, 2014. (denny)