VWM eying new coal concessions in Kalimantan

By Peni Pedriawan

ASX-listed exploration company, Victory West Metals Ltd (VWM) said that the company currently has interests to acquire thermal coal mining assets in East Kalimantan and a large Molybdenum exploration project in Sulawesi.

?The group is in due diligence to potentially acquire another 3 mining assets in South and East Kalimantan, Indonesia, within the next six months, and one project in Tasmania , Australia , as well as potentially developing a commercial deep water coal terminal,? the company said in the statement to ASX.

The company earlier signed share purchase agreement to acquire 100 percent of South East Asia Energy Resources Pte Ltd, a Singapore company which currently holds interests in a number of thermal and coking coal projects in Indonesia, including Penajam East thermal coal project.

Editing by Adianto P. Simamora