Cyprus gains Indonesian asset

The coal division of Cyprus Amax Minerals (CYM-N) will acquire a controlling interest in the Mecfa property in East Kalimantan, Indonesia, from Nevada Manhattan Mining (NVMH-O).

To earn an 85% interest, Cyprus Amax Coal will carry out and finance exploration and development work on the 40,000-ha coal property. In the event of a production decision, Cyprus would become the operator, with Nevada Manhattan maintaining a 15% carried interest. Nevada Manhattan would not comment on the property’s reserve potential.

In October, Cyprus Amax announced plans to sell its coal division, which operates mines in Pennsylvania, Colorado, Utah and Wyoming, as well as Australia.