DeTeam to acquire 2.14 bln tons of coal in Mongolia
Jul. 26, 2010 (China Knowledge) - DeTeam Co Ltd<0065> recently announced plans to spend US$10 million to acquire entire equities of Shine Shivee LLC, which owns exploration rights on seven collieries with coal reserves totaling 2.14 billion tons in Mongolia.
The Hong Kong-listed firm inked a letter of intent on Jul. 20 and intends to sign a formal contract before Dec. 1.
The target coal assets, which are along Sino-Russia railway line, are expected to generate electricity to China.
Mak Shiu Tong, co-chairman of the purchaser, said that the company will simultaneously develop its projects in Mongolia and Inner Mongolia Autonomous Region to expand its market, sources reported.
"Mogi" Munkhdul Badral
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