PT Golden Eagle Tbk Formally Switch to Mining Sector

PT Golden Eagle Tbk Formally Switch to Mining Sector

Jakarta – PT Golden Eagle Energy Tbk (formerly PT Eatertainment International Tbk) with trading code SMMT, held Public Expose on Thursday, September 13, 2012 at Four Seasons Hotel, Jakarta.

In this public expose, the Company announced that the process of issuing 820 million of new shares (right issue) through the PUT I (Limited Public Offering I) with Pre-emptive Rights has been completed on July 11, 2012.

The Company has also completed the process of indirectly expropriation of PT Internasional Prima Coal (IPC) and PT Triaryani in August 2012. Both are coal concessions in East Kalimantan and South Sumatera.

IPC is also owned by state-owned coal mining company, PTBA by 51%. IPC has commenced it commercial production since 201 with production capacity approaching to 1 million ton per year. Meanwhile, Triaryani is still in development stage. Its main activities include mine planning, infrastructure development and land acquisition..

Based on the latest report from mining consultant Joint Ore Reserves Committee (JORC), TRI’s potential resources of coal amounted to 384 million tons and reserves amounted to 242 tons of coal.

Furthermore, PT Golden Eagle Energy Tbk will complete all the divestment of all restaurant and entertainment business with Amigos and Papa Rons brand because the Company’s activities will focus on the mining sector.

Related Posts