Indus: BMC continues talks with PLN over power plant project
Wednesday, March 16 2016 - 04:48 AM WIB
ASX-listed Indus Coal Limited said that its 38 percent coal mining subsidiary PT Berlian Mahkota coal (BMC) is continuing discussions with the Indonesian state owned electricity utility Perusahaan Listrik Negara (PLN) in relation to a revised submission to construct a coal fired steam power plant (CFSPP) in Jambi.
?BMC was required to engage highly skilled and well credentialed consultants to assist with a significant reassessment of its submission following PLN?s decision to revise the scope of the CFSPP,? Indus said in a statement Tuesday, adding that it will provide an update once the outcome of the revised submission to PLN is known.
BMC has signed a MoU with a Tier 1 Chinese power plant engineering and construction company to develop a new mine mouth power plant on Block 9 in Jambi province.
BMC is the 100 percent owner of the Blok 9 coal concession in Central Tebo District, Tebo Regency, Jambi. The concession has an estimated JORC resource of 94,000,000 tons of thermal coal.
Elsewhere, Indus said that whilst the debt restructure of the existing two bond issues has not yet completed, the company was able to draw down A$120,000 of a facility of up to $500,000 provided by clients of CPS Capital Group Pty Ltd to meet the immediate outstanding costs associated with the company?s corporate office.
?The Board is continuing its dialogue with third party creditors to manage outstanding payables,? Indus said.
The company said that its securities remain suspended at the request of the Company pending the release of an announcement regarding the debt restructuring and outcome of BMC?s PLN submission on or before June 15, 2016.
Editing by Reiner Simanjuntak