Pan Asia signs coal marketing deal with Rockfield

Australia-listed mining firm Pan Asia Corporation Ltd announced on Tuesday that it has entered into an exclusive agreement with Rockfield Resources to market and sell thermal coal and other commodities on behalf of Pan Asia.

?The agreement?s sole exclusion is coal from the TCM project, in relation to which the company may enter into separate off-take arrangements upon completion of the Innovation West acquisition,? the company said in statement.

CEO Alan Hopkins added ?This is a great development. It allows our Company to squarely focus on fast tracking our operations with a view to becoming a major player in the Indonesian market.?

In November 2009, Pan Asia Corporation entered into an agreement with Innovation West Pty Ltd (WI) to acquire up to sixteen new coal concessions and six new manganese concessions in Indonesia.

Of the sixteen coal assets acquired, thirteen are in East Kalimantan; one in Central Kalimantan and two in Sumatra. These coal interests comprise of four exploitation permits, nine exploration permits and three applications. In total these permits cover more than 80,000 hectares of high potential coal interests.

These coal projects are in addition to the TCM coal project (75% interest) it already had in South Kalimantan.

The company recently signed a Memorandum of Understanding with the contracting company responsible for mining at a second open pit in the adjacent of PT Arutmin ATA's concession. This MOU covers the planned expansion of the main ATA open pit mine into the TCM concession on a profit share basis with the Company being carried for capital and operating costs.(denny)