The company will acquire an estimated mineable coal reserve of 10 million metric tons located in an area of approximately 2,670 hectares in Rokan Hulu, Riau province of Indonesia.
Sample analysis data of the coal assets acquired show ash content of 17.75%, total sulfur 0.55%, total moisture 2.82%, volatile matter 48.19%, fixed carbon 33.02% and caloric value of 6,985 Kcal/kg.
Both the parties are expected to enter into a definitive agreement to fix the price, terms and conditions of the transaction within the next few weeks.
The transaction is part of the Company’s focus on energy and natural resource assets in the Southeast Asia region.
PHI Group chairman Henry Fahman said the company believes on focus of coal and other natural resource assets in Indonesia and in cooperation with AXN Group will accelerate growth and create substantial value for our shareholders.
