WMN won't pursue transaction on Penajam Paser project

By Andi Istrada

ASX-listed Western Mining Network Limited (WMN) reported on Tuesday that the company has decided not to pursue transaction under the Master Agreement on Penajam Paser Utara project.

The decision was made after the completion of due diligence on the Penajam Paser showing that the potential coal in the project area does not justify further exploration work.

"The company will continue its focus and strategy to look for highly prospective and scalable coal projects," it said in the statement.

Under the Master Agreement, WMN were not required to pay any consideration to conduct due diligence on the Penajam Paser Utara Project.

Editing by Adianto P. Simamora