SYDNEY (Yosefardi) – Tiaro Coal Ltd has reached agreement with Asia East International Ltd to invest $1.6 million to secure 20% ownership in the Anggana coal project, East Kalimantan province.
Tiaro makes the investment through its 55%-owned CM Basin Coal Holdings Ltd. That means Tiaro’s effective interest in Anggana coal will be around 11%.
Anggana coal project includes an established Bara Naga open cut mine and three other coal concessions.
Tiaro expects monthly production of 50,000 tons from the project with indication of over 10 years of commercial production.