Indus: BMC still in talks with PLN over power plant project
Wednesday, June 15 2016 - 02:43 AM WIB
ASX-listed Indus Coal Limited said that subsidiary PT Berlian Mahkota coal (BMC) (Indus 38%) is continuing discussions with the Indonesian state owned electricity utility PT PLN in relation to a revised submission to construct a coal fired steam power plant (CFSPP).
?BMC has continued to work closely with 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 earlier this year,? the company said in a statement Wednesday.
The company said the board will provide an update once the outcome of the 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 it requires immediate additional working capital to meet the terms of a Deed of Settlement and Release relating to costs associated with the company?s corporate office of A$55,000 which is due by June 30, 2016.
The company said the board is continuing its dialogue with third party creditors to manage outstanding payables.
?The board wishes to advise 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 September 15, 2016,? Indus said.
Editing by Reiner Simanjuntak