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Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL


Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the Philippines' San Miguel  to finance development of its coal reserves.

Merukh President Rudy Merukh said his company has coal concessions with hypothetic reserve of 39 billion tons in addition to 9 billion tons in proven reserves.

The reserves are located in various areas in Aceh, Kalimantan and Papua.

Merukh said his company will export the coal production to San Miguel, which will partly use it and sell the rest.

An agreement has been reached on the coal price to be supplied to San Miguel, he added.

San Miguel predicted the coal mines could produce 80 million tons of coal annually in 30 years, he said.
Source: Trading Market



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