Perpetual: Coal unit still in talks with landowners
Monday, August 3 2015 - 04:27 AM WIB
By Ruli Setiawan
ASX-listed Perpetual Resources Ltd said Monday that its Indonesian coal mining unit PT Atoz Nusantara Mining (PANM) continued negotiations with the local landowners to commence coal production on its 192 hectare Atoz project in West Sumatra.
"Funding arrangements for the washing plant is well underway," the firm said.
Perpetual is entitled to a royalty of US$3 per ton for all coal sold from the PT Atoz site.
The company said last year coal production was expected to latter in the year.
The Atozcoal project is located 60 kilometers south of Padang in the central west of West Sumatra. The project covers 192.08 hectares and has an approved production license.
Editing by Reiner Simanjuntak