Geo Energy reports increased in coal mineable reserves
Friday, July 7 2017 - 08:15 AM WIB
Petromindo
SGX-listed coal mining firm Geo Energy Resources Limited reported on Friday that combined JORC-compliant mineable reserves for its subsidiaries PT Sungai Danau Jaya (SDJ) and newly acquired PT Tanah Bumbu Resources (TBR) have increased to 85.2 million tonnes as at 19 May 2017.
As at 31 December 2016, the SDJ mineable coal reserves were 39.0 million tonnes. As at 31 May 2016, the TBR mineable coal reserves were 44.4 million tonnes
The company commissioned SMG Consultants to carry out reserves evaluation based on a combined mining plan.
Geo Energy completed acquisition of TBR, which is located adjacent to SDJ last month for US$50 million. The company sold 5.5 million tonnes of coal from SDJ in 2016.