Street Talk

Kangaroo to announce Mamahak buy

Kangaroo Resources will announce the acquisition of South Gobi Resources’ 85 per cent stake in the Mamahak coal project in Indonesia on Wednesday.

Edited by Sarah Thompson

Updated Dec 17, 2009 – 5.01am, first published at Dec 16, 2009 – 12.10pm

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Kangaroo Resources will announce the acquisition of South Gobi Resources’ 85 per cent stake in the Mamahak coal project in Indonesia on Wednesday, an asset that will enable it to bring its Indonesian coal assets into production faster and for a lower capital cost.

South Gobi announced the deal overnight. It will cost Kangaroo $US1 million ($1.1 million) cash and 50 million shares or 6.7 per cent of its issued capital.