Aussie firm acquires another S. Kalimantan coal mine
Monday, October 26 2009 - 01:45 AM WIB
Sam?s Seafood, which is to be renamed Pan Asia Corporation Limited, had entered into a HoA to acquire 100 percent of IW, for a cash payment of US$100,000 and the issue of 300 million ordinary shares in the company.
The company said on Monday that the TCM Coal Project has 4,148 hectares of land and is situated immediately adjacent to the Ata open pit coal mine owned and operated by PT Arutmin, one of Indonesia?s largest coal producers.
The TCM Coal Project is located only 16.5km from the company?s Roda Niaga thermal coal concession and the acquisition of TCM is seen as highly complementary to the company?s growing portfolio of thermal coal projects in Southern Kalimantan.
Following the due diligence period, the company would undertake a diamond drilling program focusing on the south western portion of the KP immediately adjoining the Ata mine.
Independent validation showing the coal seams extending into the TCM area would be a significant boost to this project and the company may seek to actively involve an expert underground coal mining organization with which the company has already established a close dialogue. The company will also undertake surface exploration to identify near-surface coal seams that lie higher in this coal bearing sequence, it said.
?Sam?s Seafood plans to drill test the TCM Project immediately after it completes the initial diamond drilling at Roda Niaga which is due to begin in November 2009,? it added.
In February 2009, Sam?s Seafood was settled the agreement to acquire 100 percent share of Triumph West Pty Ltd, which holds an indirect 80 percent interest in a coal exploration concession in Batulicin, South Kalimantan.
The concession operated by KP holder PT. Roda Niaga covers an area totaling 6,412 hectares and forms part of a relinquished portion of Arutmin's contract area that lies immediately south and southwest of the Mereh block in the Batulicin area of South Kalimantan. (denny)