Indus Coal: Several groups interested in funding Block 9 coal project
Friday, August 1 2014 - 01:33 AM WIB
ASX-listed Indus Coal Limited said it continued during the second quarter of this year with desktop studies to support the development of its Block 9 coal project in Muara Tebo, Jambi Province, as a low cost, open cut truck and excavator type operation in which coal is barged to the open sea from a river port, where it is transhipped for delivery to export power markets.
The company said in a statement that several groups interested in acquiring all or part of Block 9 or to become a funding partner for Block 9 progressed their due diligence programs through the dataroom during the quarter.
Earlier in April, the company said it has entered into an agreement on with Gleneagle Nominees and others to provide a combined A$3.67 million short term funding facility to help finance the development of the Block 9 project.
The current Block 9 JORC resource estimation is 94,094,218 tons (JORC Indicated+ JORC Inferred) across all coal seams. On average the coal has a 5,300 GCV (adb).
The resource estimation was completed by Geologica Pty Ltd in conjunction with Global Mining Services Pty Ltd (GMS).
The expenditure incurred during the quarter primarily included the balance of costs associated with the Production/ Operation Izin Usaha Pertambangan (IUP) (Production Mining Lease) on Block 9 as announced on 14 March 2014 and continued management of the Jambi Coal Projects by Indonesian coal partner, PT Param Energy.
The Jambi Coal Projects consist of three coal bearing concessions totaling approximately 14,394ha which are located in the Central Tebo District, Tebo Regency, Jambi Province of Eastern Sumatra, Indonesia.
Editing by Reiner Simanjuntak