Straits shareholders okay plan to fully own S. Kalimantan coal mine
Friday, March 11 2005 - 09:53 AM WIB
Shareholders of Australian mining firm Straits Resources Limited on Friday okayed the company?s plan to fully own South Kalimantan coal mining firm PT. Bahari Cakrawala Sebuku (BCS).
The shareholders meeting approved the company?s plan to buy the remaining 20 percent shares of BCS from Indonesian company PT. Wahana Reyka Digdjaya for A$20 million, payable with Straits shares.
Sebuku, with 2005 production estimated at 3 million tones, has a proven mine life of at least 6 years. Sebuku commenced commercial coal production in 1998. (alex)