The company said in a statement to the Australian Securities Exchange yesterday it would need to look beyond the biotechnology sector to build significant shareholder value.

“Currently there are approximately 57 billion tonnes of coal resources in Indonesia and 7 billion of these are classified as mineable reserves,” the company said. “Some 39% of these coal reserves are situated in southern half of Sumatra.”

EQiTX plans to focus on developing five coal reserves in southern Sumatra in which it is seeking to acquire an interest.

The company said it has signed a binding terms sheet with a consortium that will enable it to take an 80% interest in five mineral permits in Indonesia.

“The directors believe that the proposed change of direction to focus of the resources sector, the appointment of senior management with significant experience in this sector and entering into the agreement to earn an interest in these mining permits will provide the company and its shareholders with significant potential upside,” the company said.