Australian mining company Straits Resources is in talks with Thailand's PTT Group for a coal deal. PTT is interested in a deal involving the coal mining assets of the miner. Straits Resources has not provided any details about the talks as yet.
It had called a trading halt yesterday for its shares pending the result of the negotiations. Straits Resources had sold 60% of its coal interests to the PTT Group via the creation of a joint venture in the previous year.
The joint venture’s assets included the exploration interests that they had in Brunei and Madagascar. It also included a 47.1 % portion of an Indonesian coal mining company which is listed in Singapore and known as Straits Asia Resources Ltd.
The new negotiations between the two companies are a part of the Australian company’s plan to create a separately listed company for its metals business. The PTT Mining Group will pay Straits Resources $1.72 per share as part of the demerger of the company between its