Straits Resources to sell assets to Thai PTT

Published: 22 Mar 2009 17:37:11 PST

PERTH, March 23 - Australian miner Straits Resources Ltd <SRL.AX> will sell part of its coal and salt assets to Thai energy firm PTT PCL <PTT.BK> in a deal worth about A$500 million ($343 million), a source familiar with the deal said on Monday.

Under the agreement, Straits Resources will sell 19.5 percent of its stake in Singapore-listed coal miner Straits Asia Resources Ltd <STRL.SI> and coal assets in Brunei and Magadascar as well as salt assets in Australia to PTT, Thailand's largest listed firm.

Last year, Straits said it would conduct a review of its 47.1 percent stake in Straits Asia, after receiving a number of unsolicited expressions of interest for the stake. ($1=1.456 Australian Dollar)