DIVERSIFIED miner Straits Resources will move to 100% ownership at the Sebuku coal project in Indonesia by paying $20 million to buy out minority stakeholders.
Straits' chief executive Milan Jerkovic said the outlook for Sebuku for the year was very positive and would ensure a strong financial performance for the company.
In the September quarter of last year the Sebuku mine generated sales revenue of $31 million for Straits, via its then 80% stake. Straits has operated the mine since 1998 and increased production to current levels of 2.6 million tonnes per annum.
The deal is still subject to shareholder approval.
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