Golden Energy updates coal reserves estimates at KIM, BIB concessions

By Romel S. Gurky

SGX-listed Golden Energy and Resources Limited on Wednesday released updates on the coal resources and reserves estimates at two Indonesian coal mining subsidiaries PT Borneo Indobara (BIB) and PT Kuansing Inti Makmur (KIM), the reports of which have been prepared by third party consultant HDR Salva Resources Pty Ltd.

The company said that based on the updated qualified person?s report (QPR), the aggregate estimated amount of coal reserves within the KIM coal concession area as at 30 September 2014 is 48.2 million tons, comprising of an estimated 35.3 million tons of proved coal reserves and 12.9 million tons of probable coal reserves.

For the avoidance of doubt, the scope of the KIM updated QPR did not include an update on the coal resources estimate within the KIM concession area. The preceding coal resources estimate within the KIM concession area as at 31 July 2014, is reported in the KIM Preceding QPR.

Based on the KIM updated QPR, the coal reserves estimates held under KIM as at 30 September 2014 is set out below:

Pit	Coal Reserves (in million tonnes)
	Proved	Probable	Total
East KIM	11.9	5.7	17.6
West KIM	23.4	7.2	30.6
TOTAL	35.3	12.9	48.2
CHANGE FROM PREVIOUS UPDATE	28.4%	61.3%	35.4%

Based on the BIB updated QPR, the aggregate estimated amount of coal resources and reserves for the Kusan-Girimulya pit (KG Pit) in the BIB coal concession area as at 27 November 2014 is as follows :
(a) aggregate estimated coal resources of 1,417 million tons, comprising an estimated amount of 798 million tons of measured coal resources, 294 million tons of indicated coal resources and 325 million tons of inferred coal resources; and
(b) aggregate estimated coal reserves of 508.9 million tons, comprising an estimated amount of 434.8 million tons of proved coal reserves and 74.1 million tons of probable coal reserves.

For the avoidance of doubt, the scope of the BIB updated QPR did not include an update on the coal resources and reserves estimates of the other pits within the BIB coal concession area, namely the Batulaki, Seramban South, Seramban North and Pasopati pits (collectively, the remaining BIB pits).

The preceding coal resources and reserves estimates of the remaining BIB pits as at 31 July 2014, is reported in the BIB Preceding QPR.

Based on the BIB Uupdated QPR, the coal resource estimates for the KG Pit as at 27 November 2014 is set out below:

Pit	Coal Resources(1) (in million tonnes)				Coal Reserves (in million tonnes)
	Measured	Indicated	Inferred	Total	Proved	Probable	Total
Kusan-Girimulya	798	294	325	1,417	434.8	74.1	508.9
CHANGE FROM PREVIOUS UPDATE	124.2%	-47.9%	-39.3%	-2.5%	96.7%	-78.0%	-8.8%

Editing by Reiner Simanjuntak