Pan Asia seeks to partner with Longmei in TCM coal project
Friday, January 30 2015 - 11:33 AM WIB
ASX-listed Pan Asia Corporation Ltd said Friday it is continuing its discussions with leading Chinese underground mining contractor, Longmei, with a view to possibly partnering with the company to progress the TCM coal project in South Kalimantan to a longwall operation.
?To date the company has executed an MoU with Longmei, outlining a framework where Longmei would advise on further infill drilling in the northern area of the TCM concession, advise on mining design and complete an updated feasibility study,? Pan Asia said in a statement.
Further, the company said it would be seeking a financing arrangement with Longmei to substantially assist with the development and production of mining the high grade CV deposit at TCM at guaranteed production levels. These discussions are ongoing.
?The company also has discussions ongoing with other parties who may participate in the projects development,? it added.
Pan Asia owns a 75 percent interest in PT Transcoal Minergy (TCM), the owner of mining operation production licence 545/091/IUP-OP/D.PE/2010 dated 28 April 2010, located in the Tanah Bumbu Regency, South Kalimantan Province.
Editing by Reiner Simanjuntak