Jul 28, 2010

San Miguel puts US$200 m into Merukh

Merukh Enterprises today reported to secure US$200 million of early commitment for investment from San Miguel Corporation.
As reported by Bisnis Indonesia today. The commitment facility will be used by Merukh to develop several coal mine projects.
Merukh Enterprises CEO and President Director Rudy Merukh said the cooperation between Merukh and San Miguel is based on coal reserves owned by Merukh at 39 billion tons and proven reserves of 9 billion tons.
The largest reserves are located in Aceh, Kalimantan, and Papua. Merukh Enterprises entered into memorandum of understanding with San Miguel on July 22 2010.
Pursuant to the agreement, San Miguel expects coal production in Merukh's coal mining may reach 80 million tons annually within 30 years.

Disclosure: No position at the stock mentioned above. 

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