Australia-listed coal miner Kangaroo Resources Limited (KRL) has obtained final approval from its shareholders to complete its US$277 million acquisition of Pakar Coal Project from Indonesian coal company PT Bayan Resources Tbk (BYAN).
KRL's shareholders vote overwhelmingly in favour of the deal at an extraordinary general meeting in Perth today. KRL announced the proposed acquisition in December 2010. Bayan's shareholders gave approval on the deal last week.
Pakar, which is located in Kalimantan, is one of Indonesia's largest thermal coal projects, with an estimated JORC coal resource of 3,019 million tons of thermal coal with an average calorific value range of 5,215-5,230 kcal/kg.
Under the terms of the transaction, KRL has issued 2.31 billion new shares to Bayan and other parties in order to acquire the Pakar Project, entitling Bayan a 56% controlling shareholding in Kangaroo.
Disclosure: No position at the stock mentioned above.
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