The junior splashed out $130,000 to gain a 20% share of the expanded capital of an “Australian entity holding a 100 per cent interest in Indonesian coal exploration project areas”
MetroCoal said it has an option to increase the holding of this entity to 51% after the completion of due diligence.
“This is an exciting opportunity to grow MetroCoal’s resource base in addition to our Surat Basin holdings,” MetroCoal chief executive Mike O’Brien said.
O’Brien was general manager of the South Bulli longwall mine in 1991-92.
MetroCoal shares are unchanged at 31c this morning.