Strike Resources to settle dispute over Berau Coal project
Friday, September 28 2012 - 12:59 AM WIB
By Peni Pedriawan
ASX-listed Strike Resources Limited announced that it has signed a term sheet to settle dispute over the Berau Coal Project.
The term sheet provides that upon execution of those agreements, and meeting Indonesian regulatory requirements, Strike will receive US$4.3 million and exit the Project.
Indicatively, it is expected that the remaining steps to completion will take at least six weeks, however Indonesian jurisdictional issues may impact the anticipated time frame.
Editing by Adianto P. Simamora