Handini & Toba Jaya alliance in coal
ASX-listed Handini Resources has entered into a memorandum of understanding with PT Toba Jaya to formulate a JV or cooperation to jointly carry out mining activities in the coal concession at Muara Bungo, Indonesia.
In May 2006, Handini entered into a JV agreement and subsequently the amended and restated agreement dated September 30, 2008 with PT Nusantara Thermal Coal, a contractor to the government of Indonesia in a CoW, whereby NTC has agreed to sell to Handini coal from its mine in the aggregate amount of 14.4 million tons under certain terms and condition.
Toba Jaya is an established mining contractor in Indonesia. This company is willing to provide necessary expertise, machineries, and working capital to carry out mining activities in the NTC coal tenement jointly with Handini.