Kangaroo (Kangaroo Metals Limited) first listed on the Australian Stock Exchange in April 2007 as a mining and exploration company. The Company was originally focused on exploration for both base and precious metals in a portfolio of tenements held by the Company in North Queensland, Australia.
In early 2009 the Company was recapitalized with a new Board of Directors. The strong links this Board had to significant Indonesian partners gave rise to new opportunities overseas and the Company refocused on expanding its portfolio and leveraging off these new relationships.
The Company was renamed Kangaroo Resources Limited in August 2009 and at the same time was able to acquire a number of new Indonesian coal projects to add to its portfolio.
The Company shareholding was significantly expanded in June 2011 following the injection of a further 9 additional Indonesian coal projects by Bayan Resources Group, a major publicly listed mining company in Indonesia. As a result of this transaction, Bayan Resources Group now has a 56% share of KRL and has taken on the role of project managers and developers for the Company’s 14 Indonesian coal projects.
The original Australian mineral portfolio has been progressively reduced over time. The Companys last Australian mineral exploration tenement was sold in November 2014.
The Board of Directors was restructured and a new management team was introduced in May 2013 to enable the Company to take full advantage of its significantly expanded portfolio and geographic footprint in the Coal and Energy sector.
This new management team has been actively developing closer working relationships with its major shareholder Bayan Resources Group to take full advantage of the Group’s existing financial, management, technical, operational and logistics capabilities and its extensive infrastructure footprint on the ground in Indonesia.
KRL is now focused on actively developing the Indonesian coal portfolio with a view to establishing sustainable coal production and revenue streams from a number of its projects later in 2018.
Expansion into the wider mineral sector in Australia and beyond still remains a long term goal however the current priority is to create sustainable revenue streams from its existing Indonesian coal portfolio in order to create a stronger and more financially sound platform for continued growth.