Straits eyes RI coal project<\/p>\n
MELBOURNE (Reuter): Mining company Straits Resources Ltd's
\nmanaging director Brian Rear said yesterday the company was
\nconsidering buying a coal project in Indonesia to boost
\ncashflows, but declined to disclose the likely purchase price.<\/p>\n
He also declined to identify the project, which he said was
\npoised for development in the Kalimantan province.<\/p>\n
"We are reviewing the technical data on those opportunities
\nand looking at commercial realities, and we hope to complete that
\nwork in the next few weeks," Rear told Reuters.<\/p>\n
A final decision on whether to buy the project, or possibly
\nopt for a less mature coal project in the same region, would be
\nmade within six to eight weeks, he said.<\/p>\n
Asked how the company would fund such an acquisition and
\ncontinue other projects, he said: "We are examining options. We
\nhave A$17 million or so in the bank and we have cashflow...but we
\nclearly don't have enough funds to do all that, so we will have
\nto raise money," he said.<\/p>\n
"We don't have any debt on our balance sheet, but we would
\ncertainly be looking at raising debt and maybe some equity
\nraising."<\/p>\n
He compared the unidentified project to "the coal equivalent"
\nof the company's Girilambone copper project in New South Wales.<\/p>",
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