Quick cash for Kangaroo

KANGAROO Resources has received $US15 million cash from convertible note issues to further develop its low-cost Indonesian coal project portfolio.
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Kangaroo Resources' fist shipment is barged to an East Kalimantan power station.

Blair Price

Shareholder approval for the issues was approved almost three weeks ago.

The junior plans to ramp up its Mamahak coal mine in East Kalimantan to 50,000 tonnes per month by the end of 2010.

The company is in the process of acquiring 49% of the Tanur Jaya thermal coal project.

Kangaroo recently announced maiden resources of 297 million tonnes at this project with production scheduled to start within this financial year.

Shares in Kangaroo are unchanged at 13.5c this morning.

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