Tanito expands coal ops to Australia

Australian firm Cockatoo Coal Limited announced on Monday that Indonesian coal firm PT Harum Energy has satisfactorily completed its due diligence review of the company?s activities and has, through its subsidiary Harum Energy Australia Limited, entered into a subscription agreement to invest A$15.0 million in the company for 41.6 million shares.

Headquartered in Jakarta, PT Harum Energy is one of the largest privately held coal mining companies in Indonesia and holds the flagship operations of the Tanito Coal Group. The Tanito Coal Group has over 30 years of experience in the Indonesian coal mining sector and, with three mines currently operating, aims to export 10 million tonnes of thermal coal this year.

Cockatoo cquired the Baralaba coal mine in the Bowen Basin, Queensland in December 2008. In addition to Baralaba, the company is developing a portfolio of advanced projects in the Bowen and Surat Basins. The company currently plans to mobilize these assets to expand production from 500,000tpa in 2009/10, to potentially in excess of 9 MTPA from 2015/2016 ? to service forecast strong, long term demand for export coal. (denny)