Pan Asia signs three MoAs with China firms
Tuesday, October 2 2012 - 09:40 AM WIB
ASX-listed Pan Asia has signed three Memorandum of Agreements (MoA) with mine design and mining contractors in China for the company?s Transcoal Minergy Coal Project (TCM Project) in Indonesia.
The first MOA with China?s leading coal mine design and engineering institute, BHEC - CCTEG China Coal Technology Engineering Group, is expected to upgrade the mine plan to substantially lift recoveries.
?With the recent peer review of our base case study, it became strikingly clear that significant value can be added to the TCM project by upgrading the mine plan to substantially uplift recoveries,? Alan Hopkins, chief executive officer of Pan Asia Corporation, said.
?This is an additional but huge step forward for this project and will provide a platform to gain full value for all our shareholders. The early engagement with key underground mining contractors already operating locally provides additional practical support in the development planning process.?
The second MOA is with underground coal mining contractor Huamei, who has recently undertaken inclined drift development work at an underground coal mining project located 50 kilometres west of the TCM project in the same Tanjung coal formation in South Kalimantan .
The third MOA is with ZIEC who have undertaken development and underground contract mining operations at an underground coal mine in Bengkulu Sumatra since 2006.
Editing by Adianto P. Simamora