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Lanna Resources reports US$26M Indonesian coal investment

Lanna Resources PCL decided to invest US$26 million in a new coal mining concession in North Kalimantan, Indonesia, and acquire a stake in PT Pesona Khatulistiwa Nusantara.

According to the March 8 agreement, the company will acquire a 40% stake in concession owner Pesona for about US$8.8 million and issue a shareholder loan of US$17.2 million.

PT Energi Nusa Mandiri and PT Citra Duta Jaya Makmur will be left with a 60% stake in Pesona.

The deal is expected to become unconditional in September.