Kangaroo appoints new chairman

ASX-listed coal miner Kangaroo Resources has appointed experienced mining executive, Peter Richards, as the Company?s Non-Executive Chairman, with immediate effect.

Richard?s role at Kangaroo Resources will be to assist the Company with its corporate development, as well as progressing the continued development of its portfolio of Indonesian coal projects as it ramps up production in 2010 and beyond, it said.

Current Chairman Mark O?Keeffe will remain on the board as the company?s Managing Director, it said.

Kangaroo has 8 coal mining projects in East Kalimantan include Kubah Indah Coking Coal Project (100% interest), Tanur Jaya Thermal Coal Project (45% interest, subject to the terms of the agreement), Jawana Coking Coal Project (100% interest) and Borami Coking Coal Project (100% interest).

One of the projects called GPK Project, which is located in the regency of Kutai Barat has started production. It targeted to produce up to 100,000 tonnes of thermal coal per month by early 2011, and ultimately up to 3-4 million tonnes per annum (Mtpa) by 2012.

Following the commencement of production from GPK, the company will then target production from the Tanur Jaya Project by the end of the first quarter of 2010, followed by the Mitra Bara Karya Project in the second half of 2010 following the completion of an exploration programme that has been designed to delineate a resource.

The company said earlier that it was targeting production of 8-12 million tonnes per annum by 2013 from its coal mines portfolio to meet increasing local and export demand. (denny)