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Geo Energy acquires majority stake in 2 Indonesia coal mines for US$25m

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COAL producer Geo Energy Resources has acquired a majority stake in two South Sumatra coal mines for US$25 million. Read more at The Business Times.

Both mines have been in production since 2012, and produced a total of 3.8 million tonnes of coal in 2018.

BAS and BP have a contract with TIE to supply coal to PT Perusahaan Listrik Negara, a state-owned electricity company, to fulfil a 25 per cent domestic market obligation requirement from an approved annual coal production plan.Based on the proforma financial effects of the proposed purchase, Geo Energy said it expects to account a bargain purchase to its earnings.

South Sumatra has abundant coal and is located in close proximity to key export markets such as India, China and South-east Asian countries, including Indonesian domestic markets, it added.

 

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