PHI Group PHI Energy Corp and Garuda Coal to Engage in Coal Mining and Coal Trading in Indonesia

PHI Energy Corp. (OTC:PHIE,FRA:PR7) announced the signing of a letter of intent with Garuda Coal Pte LTd. as part of a joint venture to pursue coal mining in Indonesia.

The press release is quoted as saying:

PHI Energy will be the controlling shareholder in the joint venture company, providing off-take contracts and financing to the project while Garuda Coal will be responsible for securing necessary concessions rights and managing local administrative and regulatory affairs.

To read the full press release, click here.