Pan Asia, Kopex to develop S. Kalimantan underground mine
Tuesday, May 18 2010 - 07:35 AM WIB
KMC is part of Polish mining firm Kopex group has considerable experience in underground coal mining in Indonesia and abroad and is one of the largest producers of mining technology and equipment in the world, the company said in statement.
The MOU also envisages the possibility of KMC providing assistance with project development financing once a preliminary review of the TCM project has been completed, it said.
As a result, upon completion of the company?s acquisition of Innovation West and the execution of definitive transaction documents between Innovation West and PT TransCoal Minergy, the company would have not only ultimate ownership of a minimum of 75% of the TCM project, but also a network of service providers in place to assist it on this project.
Meanwhile, the company also confirms that it has received commitments for the $5,000,000 placement and anticipates that all paperwork and funds will be received by Friday 21 May 2010.
This will provide the company with funds to invest in further promising projects, including the Nadvara and Perdama Maju Utama coal projects in East Kalimantan, it added. (denny)