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Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN


COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUPs) located in South Kalimantan, Indonesia.

According to the reported posted on company's website, the mining permits are located near the existing Tabalong Coal Project JV IUPs and will more than double the current tenure holdings of 7,661 hectares to some 17,000 hectares.

The parties have an agreement in principle and will enter into a formal Shareholders Agreement upon successful completion of the due diligence process.

The company further said, the more detailed commercial terms of the transaction will be disclosed upon signing of the Shareholders Agreement. The transaction will permit the Altura controlled Tabalong Coal Project JV (70% Altura) to acquire 80% of each project with the vendors to retain the remaining 20%.

On completion of the acquisition of these two new coal projects, the expanded Tabalong Coal Project JV will comprise five (5) IUPs. The strategic acquisition will compliment the Tabalong Coal Project JV, and more than doubles the area under tenement to some 17,000 hectares of high value coal targets.



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