Kangaroo raises $30m to finance coal projects acquisition, development
Tuesday, December 1 2009 - 01:48 AM WIB
The company said proceeds from the capital raising will fund the development of four additional coal projects in East Kalimantan and provide working capital to rapidly develop the coal projects, including progressing at least two projects into production over the next 6 months.
Kangaroo Resources recently signed binding heads of agreements to secure the rights to four Indonesian coal projects to complement its existing portfolio of three coal projects in East Kalimantan.
The company?s portfolio of projects include the Kubah lndah 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).
?Kangaroo Resources is rapidly transforming into a significant Indonesian coal producer, with first coal production expected from the Graha Panca Karsa (GPK) Thermal Coal Project (84.82% interest) in December 2009,? the company said.
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)
| Project | Interest (%) | JORC | Exploration Target (Mt) | Coal Quality (Kcal/kg) (adb) | ||
| Inferred Resource (Mt) | Indicated Resource (Mt) | Total (Mt) | ||||
| Tanur Jaya | 45 | ? | ? | ? | 135 - 180 | Thermal Coal: 5,000-5,400 |
| Graha Panca Karsa (GPK) | 84.82 | 107 | 141 | 248 | 250 - 300 | Thermal Coal: 5,200 - 5,400 |
| Kubah Indah | 100 | 100 - 140 | Coking Coal: 7,500 - 8,500 | |||
Mitra Bara Karya (MBK)/Bara Pratama (BP) |
- | - | - | - | 20- 30 | Thermal Coal: 6,800 - 7,200 |
| Jawana & Borami | 100 | ? | ? | ? | 20-40 | Coking Coal: 7,500 - 8,000 |
| Total | 107 | 141 | 248 | 525 - 690 | ||
| Project | Start-Up Production Targets | Annual Production Targets (Mtpa) | ||||
| Date | Production | 2010 | 2011 | 2012 | 2013, & Thereafter | |
| Graha Panca Karsa (GPK) | Dec 09 | Up to 25,000t/mo | Up to 0.75 | Up to 2 | Up to 4 | Up to 4 |
| Tanur Jaya | March 10 | Up to 50,000t/mo | Up to 1 | Up to 2 | Up to 4 | Up to 4 |
Mitra Bara Karya (MBK)/Bara Pratama (BP) |
late-10 | Up to 40,000t/mo | Up to 0.5 | Up to 1 | Up to 1 | Up to 1 |
| Kubah Indah | Up to 1 | Up to 2 | ||||
| Jawana & Borami | Up to 0.5 | Up to 1 | ||||