Pan Asia expects to complete FS by end April
Wednesday, March 14 2012 - 03:26 AM WIB
Australian-listed firm Pan Asia Corporation expects to complete the ongoing feasibility study (FS) of drilling programs at its TCM coal project in South Kalimantan by the end of April 2012
?The company is expecting the final feasibility study to be completed by the end of April 2012,? the company said its financial statement submitted to the Australia Stock Exchange.
It said that while progress made on the TCM Project, coal deliveries expected from the Ranrich financing and offtake arrangements fell significantly short of contracted deliveries.
?As a result, the company recently restructured these arrangements where it is now to be repaid the balance of its investment (US$4.5 million) on March 14th 2012 and additionally retain a free carried royalty interest on the BCKP exploration prospect to a limit of $15 million,? the company said.
Editing by Adianto P. Simamora