Pan Asia announces 1st coal shipment to Noble
Wednesday, October 27 2010 - 12:03 AM WIB
The 51,616 tonne shipment is the first under a four-year offtake agreement between Pan Asia/Innovation West and Noble Resources for the delivery of 4.8 million tonnes of coal, and was loaded via the barge loading facility near the mouth of the Mahakam River, about seven kilometres from the Nadvara mining operation.
Pan Asia CEO Alan Hopkins said the delivery triggered the first positive cashflows for the Company under financing and offtake agreements with Indonesian partner, Ranrich.
The rate of deliveries to Noble is scheduled to increase after the initial three months to at least 100,000 tpm.
Pan Asia is a resources company primary listed on the Australian Securities Exchange and secondary listed on the Frankfurt Stock Exchange and is well advanced for the acquisition of a number of coal assets in Indonesia. (alex)