Sino Prosper to develop bitumen project in Southeast Sulawesi

Hong Kong Bourse-listed firm Sino Prosper Resources Limited, together with two Indonesian businessmen, has agreed to form a joint venture company to develop a bitumen mine on Buton Island, Southeast Sulawesi.

SP Resources said in a statement that first phase of the bitumen extraction project was aimed to produce minimum 200,000 metric tons per year of marine fuel oil, and minimum 250,000 metric tons of superpave asphalt modifier and epure modifier.

SP Resources said the joint venture company would market all marine fuel oil products to China, while the asphalt modifier products would be exported to China, the U.S., or other countries. (Robert)