Macro commits to Indo coal purchase
13th Mar 2012
PERTH, Mar 9 – Macro Corporation has committed to pay $US18.5M to purchase Indonesian company PT Sarmar Jaya Cemerlang, holder of a coal concession near South Barito in Central Kalimantan province.
Macro will pay $2M upfront and a royalty payment of $5.8m for 70% of the company, with an irrevocable option to purchase the 30% balance at $10.7M. The SJC underground coal exploration right covers about 10,000ha.
Macro says it will fund the acquisition using internal cash, the $3.65M sale of its North Queensland tourist vessel OS IV and borrowings.
Shareholders will meet on May 21 to approve the company’s change of direction.
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- UNDERGROUND
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