Singapore-listed services company Civmec Ltd. (P9D.SG) is in talks to acquire Australian mining services company Allmine Group Ltd. (AZG.AU), a person familiar with the matter said. This could thus lead to MAGNUS ENERGY(576.SG) valuation to be driven up higher. Since valuation is cheap, the company subsidary could be on the brink of a takeover target.
APAC Coal has a 30 Year Concession to explore for coal over a 23,124 ha parcel of land in East Kalimantan, Indonesia. A JORC compliant resource of 5.1 million tonnes has been identified which is expected to form the basis of an initial mining operation. This resource occurs within a very small area of the Concession(3.8%) with over 90% of the Concession yet to be explored to any significant degree. Kalimantan is the principal coal producing region of Indonesia, the world's 7th largest coal producer.
APAC Coal is a subsidiary of Singapore listed Magnus Energy Group, which operates in the upstream petroleum and cola business. Its core focus is petroleum, coal production, low-risk exploration and field development. Magnus has committed to providing a low cost Management and Finance Team in the initial phase of the development of APAC Coal Limited.