Geo Energy Resources completes acquisition of PT Surya Tambang Tolindo

MAINBOARD-LISTED Geo Energy Resources said on Wednesday it had completed its proposed acquisition of a 100 per cent stake in PT Surya Tambang Tolindo on Nov 18, 2016, for US$2 million.

PT Surya Tambang Tolindo is now a new indirect subsidiary of the group, Geo Energy Resources said in a filing to the bourse operator.

The indirect subsidiary is the holder of a production operations mining business licence for a concession area of 4,600 ha located at Besiq Village, Damai sub-district, Kutai Barat Regency, East Kalimantan province, Indonesia.

The group has said the acquisition is part of its strategy to expand business operations and increase coal production levels.