Straits stops C. Kalimantan coking coal exploration

Singapore Exchange-listed coal mining firm Straits Asia Resources Limited said it has stopped exploration program at its Laung coking coal project in Central Kalimantan due to weak market condition.

CFO Graeme Tivey told Petromindo.com that under current market condition, it was not feasible for Straits to go it alone to further explore and develop the project.

Tivey said Straits will look for partner to develop the project. ?We will opportunity to develop the mine to miners that are located nearby,? he said without giving detail.

Laung is located near Maruway coking coal project which is owned by Australian resources giant BHP Billiton. BHP is planning to sell all or part of its stake at the project. (denny)