Padang to hold shareholder meeting on Paser acquisition
Wednesday, August 1 2012 - 02:30 AM WIB
ASX-listed firm Padang Resources Limited announced that the company would hold shareholders? general meeting to decide its plan to acquire 70 percent interest in Paser Pte Ltd on August 10.
Paser has entered into a binding MoU with PT Gunung Mentari Mining (PT GMM), a company incorporated in Indonesia, to acquire a 100 percent joint venture interest (JV Interest) in a coal project in East Kalimantan.
The company in its quarterly report said that the completion of the acquisition of Paser was subject to a number of conditions precedent, including financial, legal and technical due diligence.
The company earlier said that it has identified 3 potential coal seams with a relative north-south pattern of strike and thicknesses varying from 0.4 to 3.4 meters.The Seam 1 has a potential thickness of 1.1 meters with the strike direction of 840 meters, Seam 2 has a potential thickness of 0.5 meters with the strike direction of 1,160 meters, and Seam 3 has a potential thickness of 3.4 meters based on coal thickness from drilling data in Borehole GMM-01 with the strike direction of 940 meters.
It said that with the interpretation of geological data complete on the Paser Project, the company will now proceed with the design and implementation of a drilling program to define a mineable resource.
Editing by Adianto P. Simamora