Indonesian miner PT Bayan Resources has bought nine coal concessions near its existing Tabang mines in east Kalimantan which it plans to inject into Australia's Kangaroo Resources in exchange for a controlling interest following a new share issue, Bayan said in a statement.
Bayan, Indonesia's eighth largest coal producer, said the concessions have combined reserves of around 116 million tonnes of coal and 3.8 billion tonnes of coal resources.
While the plan is still subject to due diligence and shareholders approval, spokeswoman Jenny Quantero said Bayan would ultimately have a controlling interest in KRL sometime in the first quarter of 2011.
"This transaction is in line with Bayan's strategy of growth through acquisition and expands our resource base while also providing significant infrastructure and operational synergies," company president director Eddie Chin said in a statement.
Indonesian government forecasts see coal production next year reaching 327 million tonnes, 19 percent more than the 275 million expected in 2010. Source: Reuters
Bayan, Indonesia's eighth largest coal producer, said the concessions have combined reserves of around 116 million tonnes of coal and 3.8 billion tonnes of coal resources.
While the plan is still subject to due diligence and shareholders approval, spokeswoman Jenny Quantero said Bayan would ultimately have a controlling interest in KRL sometime in the first quarter of 2011.
"This transaction is in line with Bayan's strategy of growth through acquisition and expands our resource base while also providing significant infrastructure and operational synergies," company president director Eddie Chin said in a statement.
Indonesian government forecasts see coal production next year reaching 327 million tonnes, 19 percent more than the 275 million expected in 2010. Source: Reuters
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