APAC Coal: Market update
Tuesday, March 9 2010 - 02:53 AM WIB
APAC Coal has now been advised by our Indonesian litigation lawyers that we will be making an application to the Indonesian Supreme Court for Judicial Review. The panel of judges is to examine the issuance of the decree of Minister of Law and Human Rights to the opposing party. It is to be legally deemed as violation of law resulting in the uncertainty of law.
Until the Judicial Review process has been concluded in the Supreme Court, the Ministry of Energy and Mines has requested us to suspend activities for the time being.
The Board and the Legal advisors, at this point in time are confident that the company assets are not at risk.
The Ravensgate Geological Team have identified a number of local licences in Katimantan and are now assisting APAC to evaluate the potential of these tenements. The owners and partners holding these production and exploration Licences are now in discussions with APAC to form Joint Operating agreements and are in discussions with offtake partners.
APAC Coal has a 30 Year Concession to explore for coal over a 23,124 ha parcel of land at its PT Batubara Selaras Sapta tenement in East Kalimantan. A JORC compliant resource of 18.2 million tonnes has been identified which is expected to form the basis of an initial mining operation. This resource occurs within a very small area of the Concession (3.8%) with over 90% of the Concession yet to be explored to any significant degree.
APAC Coal is a subsidiary of Singapore listed Magnus Energy Group, which operates in the upstream petroleum and coal business. Its core focus is petroleum, coal production, low-risk exploration and field development (end of release)