PHI Group to Acquire One Hundred Million Metric Tonnes of Coal Resources in East Kalimantan, Indonesia
(firmenpresse) - LOS ANGELES, CA and JAKARTA, INDONESIA -- (Marketwire) -- 02/02/12 -- PHI Group, Inc. (OTCQB: PHIE) (PINKSHEETS: PHIE), a company focused on energy and natural resources, announced today that it has signed a Letter of Intent to acquire approximately 100 million metric tonnes of coal resources, together with the operation and production license (IUP Operasi Produksi), located in an area of 9,900 hectares in East Kalimantan, Indonesia from PT. MSP, an Indonesian company with headquarters in Kutai Timur, Kalimantan Timur, Indonesia.
According to the signed Letter of Intent, PT. MSP and PHI Group will enter a definitive agreement to fix the price, terms and conditions of the transaction within the month of March 2012 or soon thereafter.
Analysis of the PT. MSP coal samples shows gross calorific values in the range of 5,300 - 6,300 Kcal/kg. Coal thickness is between 6 to 18 meters and stripping ratios 1:3 and 1:5.
This transaction is part of PHI Group's ongoing program to acquire and accumulate energy and natural resource assets in Southeast Asia, partner with coal-fired power plants and introduce advanced clean coal combustion technology to existing and new plants in Asia.
The Company is currently working with major international institutions in New York, Europe and Asia to arrange financing for these programs.
PHI Group, Inc. focuses on energy and natural resources in Southeast Asia and holds majority interests in subsidiaries engaged in real estate development and M&A consulting services. Website: .
: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Henry Fahman
1-714-843-5455
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Datum: 02.02.2012 - 10:45 Uhr
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News-ID 1079051
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Coal
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