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Tuesday, 08 February 11
BAYAN, KANGAROO EXTEND DUE DILIGENCE


Coal miner controlled by businessman Dato' Low Tuck Kwong PT Bayan Resources Tbk (BYAN) and Australia-listed coal company Kangaroo Resources Limited have agreed to extend a due diligence period to enable the accomplishment of small number of outstanding items, quoted by Insider Stories.

Insider Stories further reported, in an official statement obtained today, both companies initially set a 30 days of the due diligence on January 28 2011.

The extension won't delay the transaction's accomplishment. Both Bayan and Kangaroo are continuing to finalize independent experts' reviews on the assets, ahead of shareholder meetings to approve the transaction.

On December 28 2010, Bayan and Kangaroo Resources entered into a share purchase agreement. 

Bayan will inject Kangaroo Resources with 9 coal concession assets in East Kalimantan with coal resources of 3.8 billion metric tons.

In return, Kangaroo Resources will issue new shares, enabling Bayan Resources to control Kangaroo Resources.

Bayan also entered into share sale and purchase agreements with three buyers PT Ilthabi Bara Utama, Prime Mine Resources Limited, Romo Nitiyudi Wachjo, on December 28 2010 to acquire 9 coal concession assets in East Kalimantan.



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Saturday, 15 January 11
MAKE SACRIFICES TO SAVE PLN, INDONESIA GOVT BEGS MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Darwin Zahedi Saleh, Indonesia's minister of energy and mineral resources, on Friday appealed to local coal compan ...


Saturday, 15 January 11
RISING PRICES, GOVERNMENT DECREE LEAVE PLN AT LOGGERHEADS WITH COAL FIRMS - THE JAKARTA GLOBE
The Jakarta Globe reported that, As coal prices continue to increase, state utility Perusahaan Listrik Negara faces problems in securing enough coal ...


Thursday, 13 January 11
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Thursday, 13 January 11
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