Kangaroo Resources clarifies statement
Tuesday, March 19 2013 - 01:54 AM WIB
ASX-listed Kangaroo Resources issued a statement on Tuesday to clarify its earlier statement to the stock exchange as follows.
The company refers to its announcement dated 7 March 2013 titled Operations Update - Mamahak Coal Project?. The company earlier said that ?Barging operations at Mamahak remain temporarily suspended. However Kangaroo is in discussions with barge operator as part of a plan to ship stockpiles totaling 133,000 tons of coal. These stockpiles have an estimated profit value of approximately $10 million at current international coal prices.?
The company advises that this statement is based on the fact that once a barging contractor has been approved, transport of the coal stockpiles to the Balikpapan Coal Terminal begins.
Kangaroo Resources? 99 per cent-owned subsidiary PT Mamahak Coal Mining has a coal sales contract with PT Bayan Resources Tbk. Based on the company?s last coal sales transaction with Bayan in December 2012 of approximately $75 per ton, the company would ?receive total sales revenue (not profit as incorrectly stated in the ASX release of March 7, 2013) of approximately $10 million for the 133,000 tons of coal.
The March 7 ASX release also sated: ?Mamahak has signed an agreement with another mining contractor, PT Hero Krida Utamaa (PT HKU), under which PT HKU will resume mining within three months of being notified by Kangaroo?
This statement refers to the company having to notify PT HKU three months in advance of the date it wishes to start the mining contract.
Editing by Reiner Simanjuntak