Straits may sell remaining Indonesian coal interest to PTT

Australian mining firm Straits Resources Limited (SRL) is in negotiation with parent company of its JV partner in Indonesian coal assets Thai firm PTT International Company Limited in relation to a corporate transaction involving SRL?s coal assets.

The company?s filing to the Australian Stock Exchange on Thursday showed that SRL is asking for temporary suspension of its shares trading at the bourse.

?The Company expects to be in position to make an announcement regarding the status of the negotiation shortly,? it said.

SRL holds 40% shares of PTT Asia Pacific Mining Pty Ltd (PTT Asia), which holds 45.6% of Straits Asia Resources which is listed on the Singapore Exchange. Straits Asia controls and operates the Sebuku and Jembayan Coal mines in South Kalimantan and East Kalimantan, respectively with production of 10.5 million tonnes last year.

SRL CEO Milan Jerkovic said last month that the company had been approached by several undisclosed interested parties to sell its remaining 18.2% effective stake in Straits Asia Resources. He said the company would concentrate on its copper and gold assets. (alex)