BlackGold says 2014 IQPR not misleading
Wednesday, March 9 2016 - 04:17 AM WIB
SGX-listed BlackGold Natural Resources Limited, which has a number of coal assets in Indonesia, said that the 2014 independent qualified person?s report (2014 IQPR) was not misleading, and thus it would not revise the report.
BlackGold said in a statement to shareholders Tuesday that there has been a third party public complaint made in relation to certain information presented in the 2014 IQPR prepared by PT GMT Indonesia (PT GMT) and included in the company?s circular to shareholders dated December 30, 2014.
In response to the complaint, the company said it?s Board undertook an investigation and enquiry process to assess whether a rectification or re-issuance of the 2014 IQPR was necessary. The Board consulted with PT GMT who confirmed that there are no statements made in the 2014 IQPR that it does not stand by or that it considers misleading. PT GMT holds the view that no purpose would be served by revising and re-issuing the 2014 IQPR.
Upon being notified of the complaint, BlackGold said its sponsor, Canaccord Genuity Singapore Pte. Ltd. further consulted with AMC Consultants Pty Ltd (AMC), a reputable, and independent professional firm which had previously been engaged by Canaccord to conduct an independent review of the 2014 IQPR (Peer Review). BlackGold said in the statement that AMC re-affirms its earlier conclusions pursuant to the Peer Review that, inter alia, the 2014 IQPR contains no material or significant noncompliances with the Joint Ore Reserves Committee (JORC) Code and meets Singapore Exchange Securities Trading Limited (SGX-ST) requirements for an independent qualified person?s report.
The Board concludes the following:
(i) the 2014 IQPR is not misleading to readers;
(ii) the review process involving the 2014 IQPR was robust and fit for purpose; and
(iii) the 2014 IQPR remains fit for purpose and no purpose would be served by revising and reissuing the 2014 IQPR.
Canaccord, having satisfied itself on the suitability of AMC and having considered the conclusion provided pursuant to the Peer Review, concludes that no purpose would be served by revising and reissuing the 2014 IQPR.
According to BlackGold?s website, the group has a number of coal assets in Indonesia including as follows.
1. PT Samantaka Batubara (PT SB) is a feasibility asset located in Riau province, Sumatra, comprising 15,000 hectares. Through its local subsidiary, BlackGold has the rights to the PT SB concession until 2023.
2. PT Ausindo Andalas Mandiri (PT AAM) concession is an exploration concession located in Riau province. The asset comprises an area of 19,840 hectares granted under its extension of Mining Business License (IUP) in February 2015 for two years.
3. PT Ausindo Prima Andalas (PT APA) concession is an exploration concession located in Riau province. The asset comprises an area of 10,710 hectares granted under its extension of Mining Business License (IUP) in February 2015 for two years.
Editing by Reiner Simanjuntak