3D Resources completes due diligence
Friday, April 27 2012 - 11:55 AM WIB
Australia-listed firm 3D Resources Limited reported that the company has completed due diligence on two coal projects in Indonesia.
The company?s quarterly report said that 3D Resources has also completed a placement to investors of 10,389,996 fully paid shares to raise $363,650 and also received a further $120,000 on exercise of options, with all funds earmarked for potential project acquisitions or due diligence costs.
The report did not elaborate on the location of the two coal projects.
The company said that it would continue reviewing coal and manganese projects for exploration or development in Indonesia mainly due to the recent changes of regulation increasing divestment criteria to 51 percent.
The 3D Resources Limited earlier signed the Memorandum of Understanding to acquire PT Aries It Indo. Aries owns coal mining project in South Kalimantan with its exploration and operation production permits covering 575.9 hectares and 153 hectares, respectively.
Existing drill data suggests the potential for developing 2 seams with 3:1 and up to 7:1 stripping ratios over much of the license area. The data suggests the coals are of reasonably high quality (+6000kcal/kg).
Editing by Adianto P. Simamora