Geo Energy wraps up US$55m acquisition of coal mine
Move will raise its coal reserve bank to more than 40 million tonnes
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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 Bumi Enggang Khatulistiwa (BEK) - in East Kalimantan. The acquisition will expand its presence in the region.
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