RAIN announces 1st JORC reserves for IBP
Wednesday, April 11 2012 - 01:36 AM WIB
IDX-listed coal miner PT Resource Alam Indonesia Tbk (RAIN) reported on Tuesday the first JORC-compliant mineable reserves statement for its subsidiary PT Insani Bara Perkasa (IBP).
The company reported mineable reserves of 42.35 million tons of coal for IBP?s block A. Block A covers an area of 500 hectares, or just 2 percent of IBP?s total concession area of 24, 477 hectares.
The report was issued by consultant PT Britmindo.
According to RAIN a further JORC survey on other part of IBP?s concession will be carried out next.
IBP is a coal contract of work holder with operation area located in Samarinda, East Kalimantan. IBP aims to produce 6 million tons of coal this year.
Editing by Alexander Ginting