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Fast Scout entered into a binding cooperation agreement with Kalimantan concession holders PT Kaltim Jaya Coal and PT Kaltim Jaya Mineral to mine the area.
Fast Scout will receive 100% of coal proceeds and will pay the concession holder $US1.50 per tonne coal royalty, plus a staged payment of $US425,000 per coal concession and normal government imposed coal royalties.
The company has until March 3 next year to determine the feasibility of mining the area.
Fast Scout is moving to establish an Indonesian incorporated company to hold its interests in the country.
With its roots in IT and software development, Fast Scout has only recently ventured into the mining game, in September this year purchasing uranium prospects from Hume Mining in the Ngalia Basin in the Northern Territory.
Fast Scout is headed up by former Rio Tinto Australasia exploration director Dr John Stephenson as chairman and Farooq Khan as managing director.
