Kangaroo Resources Limited announce that it has signed an agreement for a major coal acquisition that will see it establish a key strategic relationship with one of Indonesia’s largest coal mining companies and ultimately join the ranks of the country’s largest coal producers. The company has agreed to acquire the world-scale Pakar Thermal Coal Project in East Kalimantan from PT Bayan Resources Tbk for an equivalent total of A$277 million, all payable in Company shares.
Kangaroo Resources Limited announced a JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kalimantan, Indonesia. The open cut Coal Reserves are estimated to total 80Mt, of which 15 million tonnes are classed as Proved and 65 million tonnes as Probable.
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