Gulf Mines (ASX:GLM) has reported a major initiative in its future development strategy with a focus on developing coking coal and copper projects in the resource rich country of Indonesia.
Gulf has revealed it is in early stage discussions to develop a coal project in West Kalimantan in joint venture with a local Indonesian group.
Uran, Kupfer, Eisen, Gold und Diamanten
As a major shareholder of Asia Minerals Corporation (AMC), which is developing an extremely high grade Indonesian manganese project, Gulf has the benefit of local expertise and experience.
Notably, Gulf Coal, Gulf's fully owned subsidiary, will have a ready made off-take market with AMC as they develop their manganese alloy smelter facilities requiring coking coal for furnaces and thermal coal for a power station.
Gulf recently completed a share placement to raise $650,000 in preparation for its Indonesian strategy.
http://www.proactiveinvestors.com.au/companies/news/48444/gulf-mines-to-focus-on-copper-in-northern-territory-and-coking-coal-in-indonesia-48444.html
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