Orpheus continues developing coal project in RI
Tuesday, October 30 2012 - 03:59 AM WIB
ASX-listed Orpheus Energy Limited would focus on developing its portfolio of projects in Indonesia with the plan to install a coal crusher by end November, and a weigh bridge next to the stockpile, by end December, the company said in its quarterly report.
"Both of these additions will allow Orpheus to earn a higher sale price for its production coal tonnage, particularly as steady state production is achieved and longer-term contracts are executed," it said.
As previously reported, an updated mine plan is being implemented and planned output is expected to be 50,000 tons per month. Since production has resumed, over 40,000 tons has been transported to Orpheus? stockpile awaiting delivery to buyers within the next weeks.
The previously announced ADK drilling program is underway and a JORC resource is expected by the end of the year.
It said that Orpheus continued to identify and evaluate/acquire projects in the South Kalimantan Kintap area under its strategic alliance with JV partner, PT Mega Coal International.
On 4 September 2012, Orpheus announced it had signed a Heads of Agreement with PT Citra Bara Prima over a ~195 hectare coal production project in South Kalimantan
This concession area is located adjacent to one of PT Arutmin?s major operating coal mines and approximately 6km from Orpheus? ADK project.
Editing by Adianto P. Simamora