Thai firm to mine RI coal

Thai firm to mine RI coal

BANGKOK (Reuter): Thai mining firm Lanna Lignite Plc said yesterday it has signed a joint venture with companies from Singapore and Indonesia to mine coal in Indonesia.

Lanna said in a filing to the Stock Exchange of Thailand that it signed the agreement with Indonesia's P.T. Harita Mahakam Mining Co. and Singapore's Pan-United Corporation Ltd. on Friday.

Lanna said it expected investment of $16 million, half from shareholders' equity and half from loans, in the project.

The joint venture is capitalized at $8 million with Lanna holding a 55 percent stake, the Indonesian firm 35 percent and the Singapore firm 10 percent, Lanna said.