Pan Asia director steps down

By Harry Roy Gunawan

ASX-listed firm Pan Asia Corporation Ltd recently stated that company non executive Director Honardy Boentario has stepped down from its position as part of the Ranrich restructuring arrangements announced previously.

Under the Ranrich restructuring, Pan Asia received repayment of its loan to Ranrich and will receive an ongoing US silt royalty over the BCKP project up to a maximum of USD 15 million from commencement of production at BCKP.

Additionally, Ranrich has some remaining coal delivery obligations to Noble Resources and Pan Asia is working with Ranrich to ensure those delivery obligations are met.

"The Board thanks Boentario for his contribution to the Company and wishes him well with his future endeavours," the company said in a statement.

Pan Asia is now focusing on its flagship high CV coal project (TCM) in South Kalimantan where it has recently completed a base case feasibility study.

Editing by Audy Zandry