Thai firm eyeing East Kalimantan coal mine

Thai firm Dragon One Plc has entered into a memorandum of understanding (MoU) with PT Lunto Bioenergi Utama to cooperate in conducting preliminary survey over 10,224 ha coal concession in East Kalimantan.

Under an agreement, which expires in January 2009, both parties agree to cooperate in conducting the preliminary survey, explore the area, and evaluate the concession located in Desa Inu Lingau, Kutai Barat, East Kalimantan, the firm said in statement to Thailand stock exchange on Friday.

If the results of such survey yield a sufficient coal reserve, both parties will cooperate to implement the project commercially, it added. (denny)