Geo Energy wraps up US$55m acquisition of coal mine

INDONESIAN coal-mining specialist Geo Energy Resources has completed its acquisition of a 66 per cent stake in Borneo International Resources (BIR) for US$55 million.

By acquiring BIR, which through its Indonesian subsidiaries owns the new concession (SDJ) in South Kalimantan, Singapore-listed Geo will increase its coal reserve bank from about 11 million tonnes to more than 40 million tonnes.

Geo already owns a 4,570-hectare coal mining concession - PT Bum…