Australia Oriental reports C. Kalimantan coal project update
Thursday, September 9 2010 - 02:43 AM WIB
The following is an excerpt from Australian firm Australia Oriental Minerals (AOM) on Muara Teweh coal project, taken from quarterly report for period ending 30 June, 2010, which published on Wednesday.
The Company?s interest in the coal mining concession at Muara Teweh in Central Kalimantan is held via its 30% owned associate company, Asiatic Coal Pte Limited (ACPL).
AOM was advised by ACPL that mobilisation of mining equipment to the Muara Teweh site has been delayed pending approval of regulatory matters by Indonesian authorities.
The Company has reviewed the carrying value of its investment in ACPL and has determined the appropriate carrying value to be $3,917,154, resulting in an impairment charge of $3,500,195. (end of excerpt)