Kangaroo: Two coal units obtain C&C status
Friday, April 28 2017 - 04:36 PM WIB
ASX-listed Kangaroo Resources Limited (KRL) said Friday it has obtained Clear and Clean (C&C) status for PT Apira Utama (AU) and PT Silau Kencana (SK), which are part of the Pakar coal concessions in East Kalimantan
KRL said in a statement that AU has Clear and Clean status and has already been upgraded to Production Status (IUP OP). In second quarter of 2017, the company will commence the process to convert AU to a Foreign Investment Status (PMA) company which is the main step required to transfer AU to KRL.
TA has Clear and Clean status however it is currently in the process of upgrading its permit from Exploration Stage (IUP Exploration) to Production Stage (IUP OP). This is expected to be completed by the end of third quarter 2017. Once this has been completed, TA will be transferred to KRL.
The Clear and Clean status for PT Cahaya Alam (CA) and PT Bara Sejati (BS) is currently being impacted by the overlap with a third party concession. Therefore until this matter is resolved these concessions cannot be transferred to KRL. Once this matter is resolved CA and BS will be transferred to KRL using the structure outlined above.
According to company website, the Pakar concessions consist of nine contiguous concession areas that cover a total area of 35,572 Ha located in Kutai Kartanegara Regency, East Kalimantan. The concessions are PT Tiwa Abadi (TA), PT Tanur Jaya (TJ), PT Dermaga Energi (DE), PT Orkida Makmur(OM), PT Sumber Api (SA), PT Cahaya Alam (CA), PT Bara Sejati (BS), PT ApiraUtama (AU) and PT Silau Kencana (SK).
Editing by Reiner Simanjuntak