Lanna Resources signed an agreement to sell its lignite coal exploration project in Petchaboon, a province in northeastern Thailand, to its parent Siam City Cement for THB40 million (US$1.2m).

According to preliminary exploration data, coal deposit at the project was found to be small with relatively low lignite reserves and quality, Lanna said in filing to the Stock Exchange of Thailand Tuesday.

Siam City Cement, Thailand’s second-largest cement producer by sales, holds a 44.99% stake in Lanna.
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