BlackGold unveils new coal reserves, resources estimates
Friday, August 19 2016 - 02:35 AM WIB
SGX-listed BlackGold Natural Resources Limited said that an independent qualified person?s report dated July 8, 2016 (2015 IQPR) has been prepared by the company?s independent consultant, PT GMT Indonesia (PT GMT), in respect of the company?s financial year ended December 31, 2015 pursuant to Singapore Exchange Securities Trading Limited (SGX-ST) listing rule.
The company said in a statement last week that the 2015 IQPR is appended to this announcement in its entirety and includes updated estimates of reserves and resources for the mining concession area of PT Samantaka Batubara (PTSB), a subsidiary of the company, as at April 30, 2016. Hard copies of the 2015 IQPR will be made available to the shareholders of the company upon request.
The announcement of the 2015 IQPR on SGXNET is in accordance with the conditions of a waiver granted to the company by the SGX-ST, as announced on January 29, 2016, from strict compliance with Rule 1204(23)(a) of the SGX?s Catalist Rules which requires the inclusion of a qualified person?s report in the company?s annual report for each completed financial year. The updated estimates of reserves and resources in respect of PT SB are shown in the table 1 below. This announcement, together with the table 1, should be read in conjunction with the 2015 IQPR.
The estimates of coal resources for the PT Samantaka Batubara coal concession deposit presented in this announcement have been carried out in accordance with the JORC Code (2012) prepared by the Joint Ore Resources Committee of the AusIMM and the Australian Institute of Geoscientist and Minerals Council of Australia. That relates to PT Samantaka Batubara concession, is based on information reviewed by Krisjna Alimoeddin, who is a Member of The AusIMM (number: 304329) and is a director of PT GMT. Alimoeddin has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the JORC Code (2012). Alimoeddin consents to the inclusion in this announcement of the matters based on his information in the form and context in which appears.
The estimates of coal reserves for the PT Samantaka Batubara coal concession deposit presented in this announcement have been carried out in accordance with the JORC Code (2012), prepared by the Joint Ore Resources Committee of the AusIMM and the Australian Institute of Geoscientist and Minerals Council of Australia. That relates to PT Samantaka Batubara concession, is based on information reviewed by Roger H. Pooley, who is a Fellow of The AusIMM (number: 100810) and is a director of PT GMT. Pooley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the JORC Code (2012). Pooley consents to the inclusion in this announcement of the matters based on his information in the form and context in which appears.
BlackGold is an Indonesia-focused coal mining company targeting Indonesia's growing power plant industry. The group, through its local subsidiaries, has the rights to three coal concessions in Riau. PTSB has coal concession for an area of 15,000 hectares in Riau province, and has over 200 million tons of coal resources (JORC code).
Table 1: Reserves and Resources Estimates for PT SB as at 30 April 2016
| ? | ? | Gross Attributable To Licence(1) | Net Attributable to Issue | |||
| Category | Mineral Type | ?Tonnes(3) (millions) | Grade | Tonnes(3) (millions) | Grade | Change From Previous Update (%) |
| RESERVES(4) | ||||||
| Proved | Coal | - | Lignite | - | Lignite | - |
| Probable | Coal | 45 | Lignite | 45 | Lignite | +38% |
| Total Reserves | Coal | 45 | Lignite | 45 | Lignite | +38% |
| RESOURCES(2&4) | ||||||
| Measured | Coal | 33 | Lignite | 33 | Lignite | +65% |
| Indicated | Coal | 120 | Lignite | 120 | Lignite | +28% |
| Inferred | Coal | 55 | Lignite | 55 | Lignite | -38% |
| Total Resources | Coal | 210 | Lignite | 210 | Lignite | +4% |
| Notes: 1) Licence refers to the PT SB concession?s Production Operations (IUP) licence., 2) Resources are inclusive of Reserves 3) The results presented are rounded to reflect the accuracy of the estimates. Minor discrepancies are due to rounding and are not considered material by PT GMT., 4) Resources and Reserves are reported in accordance with the JORC Code (2012). | ||||||
Editing by Reiner Simanjuntak