Altura prepares for further exploration
Wednesday, September 12 2012 - 03:50 AM WIB
Australian-listed firm Altura Mining Limited announced that the company was under preparation for further field exploration, including drilling within newly acquired three concessions located adjacent to its Tabalong coal project in South Kalimantan.
It said that the exploration program will focus on delineating further resources in the high energy coal measures of the Tanjung Formation, which is known for its low ash and medium sulphur coal seams.
Altura acquired three IUPs held by PT Suryaraya Pusaka (SP), PT Kodio Multicom (KM) and PT Marangkayu Bara Makarti (MBM). These three new IUPs cover an additional 12,800 hectares, bringing its the total area of coal tenure in Kalimantan to over 17,200 hectares.
The Tabalong Project initially comprised two mining permits (IUPs) ? which are held by PT Suryaraya Permata Khatulistiwa ( SPK ) and PT Suryaraya Cahaya Cemerlan and cover 1,993 and 4,315 hectares respectively.
Tabalong is planned to commence production in early 2013 with initial production of 500,000 tons per annum (tpa) with plan to ramp it up to 1,500,000 tpa.
?Current plans are for an open pit operation and a simply beneficiated product delivered to an off-take point to the west on the Barito River,? it said in the statement to the ASX.
Editing by Adianto P. Simamora