US firm eyeing coal mines acquisition
Thursday, October 13 2011 - 01:33 AM WIB
US firm Borneo Resource Investments Ltd. reported on Wednesday that its unit Interich International Limited has signed two new agreements to acquire coal mines in East Kalimantan.
The first agreement is for the mining rights on a 1,300 hectare property which the company believes, pending a final geological study, contains estimated coal reserves of 8 million tons. The second agreement is a memorandum of understanding for the mining rights for an additional 2,000 hectare property, which the company believes will contain over 12 million tons in estimated coal reserves.
The company did not give detail about the mines? exact location.
The company said it has retained the services of an international mining geology firm in Jakarta to start the acquisition process.(alex)