The overall value of the transaction is $2m. An initial payment of $200,000 has already been received. Under the terms of the deal, Indonesia-based PT Prakarsa will have six months to conclude the transaction, reported Proactive Investors Australia.
The planned sale of the coal project is part of the company’s plan to divest long-term assets in order to focus on coal assets that are currently producing.
Jatenergy currently owns the rights to four coal projects in Kalimantan, Indonesia. It produces coal and renewable crude oil from the projects in Indonesia.
