Singapore’s Straits Asia Resources Ltd will purchase coal exploration rights in Madagascar and Brunei for $100 million from its controlling shareholder Australian miner Straits Resources Ltd.

Straits Asia, 47-percent owned by Straits Resources, said in a statement on Friday this included licenses in Madagascar with an exploration target of finding 300 million to 500 million tonnes of coal.

“The acquisition of the coal interests in Brunei and Madagascar is an important step in our strategy of becoming a diversified global player. It gives us substantial exploration acreage,” said Straits Asia’s CEO Richard Ong.

Straits Resources told Reuters in an interview on Thursday it plans to grow its coal unit through acquisitions, and was targeting deals worth between A$1 billion to A$2 billion ($877 million to $1.75 billion) in Australia

Find More Other News : Coal, Company, Exploration, Mine Trade & Market, Mining Finance, Mining Investment, Mining Top News