Geo Energy Resources to acquire two coal resources in South Kalimantan for $55 mil

Geo Energy Resources announced on June 18 that it will be acquiring two coal concessions in South Kalimantan, Indonesia for $55 million. The first concession is for a 194.9 hectare area and expires in March 2015, while the second is for an area of 41.2 hectare and expires in May 2022. The consideration will be paid in cash and will be funded through external financing. The management said in the announcement that the acquisition is in line with its strategy to expand its business operations and increase its coal production levels, and will grant access to and control over the coal deposits in the mining permit area.