MSE Earthstone Resources FZC Acquires 100% Economic Rights of Coal Tenement in Melabouh, Indonesia
Integrated Coal Mining limited, a RPG Group company from India entered into an agreement with MSE Earthstone Resources FZC to jointly explore this tenement. RPG Group has an option to acquire up to 51% economic interest of the mine subject to satisfactory exploration of the tenement.
Jakarta, Indonesia, March 26, 2009 --(PR.com)-- MSE Earthstone Resources FZC, part of Earthstone Group, a diversified mining company, today announced the acquisition of 100% economic rights for coal tenement extensively spread over 2,560 Hectares in the thermal coal resource region of Melabouh, Aceh, North Sumatra, Indonesia.
The Indonesian Department of Mining granted a three year Kuasa Pertambangan (a mining right) license to PT Bara Bina Perkasa early this month. MSE Earthstone Resources FZC has acquired 100% economic rights from PT Bara Bina Perkasa and has agreed to invest for exploration and exploitation of the tenement. In continuation of the previously signed MOU, Integrated Coal Mining limited, a RPG Group company from India entered into an agreement with MSE Earthstone Resources FZC to jointly explore this tenement. RPG Group has an option to acquire up to 51% economic interest of the mine subject to satisfactory exploration of the tenement.
Commenting on the acquisition, Earthstone Group, Chairman and CEO Mr. Pankaj Shah said: "This acquisition is in line with our growth strategy of identifying and exploring high quality natural resources in order to meet the industry demand”.
Earthstone conducted initial reconnaissance studies to identify outcrops, determine characteristics of the coal seam, collect samples and determine the logistics; initial results show immense potential for prospecting of high quality thermal coal. The proposed site has good road infrastructure with minimal effort required to expand.
Earthstone jointly with RPG Group plans to initiate detailed systematic surveys including geophysical studies, drilling and geological logging on the site by April 2009.
About Earthstone Group
Earthstone Group is a diversified multinational Group with established presence in Mines and Minerals and developing interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure. Acting through its subsidiary companies the Group secured 100% Economic Rights in Coal, Iron Ore, Lead Ore and Manganese Ore properties in Indonesia. We are actively pursuing opportunities in a number of Asian and African countries for Coking Coal, Uranium, Gold and Thermal Coal Mining.
About ICML Group
Integrated Coal Mining Company Ltd. was established in 2002 by CESC with the special purpose for development and production of thermal coal for its power plants. Since that time ICML, with current production of 2.7 million tons, achieved substantial success in its business, covering over 50% of CESC requirements. The company is noted by implementation of safe and environmentally responsive mining practices. CESC is a 110 years old power utility company working in the Greater Kolkata area that has 4 coal-fired stations of aggregate capacity 975 MW, T&D network of 14,000 ckt. km and a customer base of 2 million. CESC is an integral part of RPG Group - a leading business house in India with annual turnover of over $3 billion USD, having presence in power, tyres, life sciences, IT, entertainment, retail.
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The Indonesian Department of Mining granted a three year Kuasa Pertambangan (a mining right) license to PT Bara Bina Perkasa early this month. MSE Earthstone Resources FZC has acquired 100% economic rights from PT Bara Bina Perkasa and has agreed to invest for exploration and exploitation of the tenement. In continuation of the previously signed MOU, Integrated Coal Mining limited, a RPG Group company from India entered into an agreement with MSE Earthstone Resources FZC to jointly explore this tenement. RPG Group has an option to acquire up to 51% economic interest of the mine subject to satisfactory exploration of the tenement.
Commenting on the acquisition, Earthstone Group, Chairman and CEO Mr. Pankaj Shah said: "This acquisition is in line with our growth strategy of identifying and exploring high quality natural resources in order to meet the industry demand”.
Earthstone conducted initial reconnaissance studies to identify outcrops, determine characteristics of the coal seam, collect samples and determine the logistics; initial results show immense potential for prospecting of high quality thermal coal. The proposed site has good road infrastructure with minimal effort required to expand.
Earthstone jointly with RPG Group plans to initiate detailed systematic surveys including geophysical studies, drilling and geological logging on the site by April 2009.
About Earthstone Group
Earthstone Group is a diversified multinational Group with established presence in Mines and Minerals and developing interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure. Acting through its subsidiary companies the Group secured 100% Economic Rights in Coal, Iron Ore, Lead Ore and Manganese Ore properties in Indonesia. We are actively pursuing opportunities in a number of Asian and African countries for Coking Coal, Uranium, Gold and Thermal Coal Mining.
About ICML Group
Integrated Coal Mining Company Ltd. was established in 2002 by CESC with the special purpose for development and production of thermal coal for its power plants. Since that time ICML, with current production of 2.7 million tons, achieved substantial success in its business, covering over 50% of CESC requirements. The company is noted by implementation of safe and environmentally responsive mining practices. CESC is a 110 years old power utility company working in the Greater Kolkata area that has 4 coal-fired stations of aggregate capacity 975 MW, T&D network of 14,000 ckt. km and a customer base of 2 million. CESC is an integral part of RPG Group - a leading business house in India with annual turnover of over $3 billion USD, having presence in power, tyres, life sciences, IT, entertainment, retail.
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Earthstone Holdings Ltd
Joshina Kapoor
+6281808389477
http://www.earthstonegroup.com/es.php?keyLink=HOME
Joshina Kapoor
+6281808389477
http://www.earthstonegroup.com/es.php?keyLink=HOME
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