DGAP-News: Pan Asia Corporation Ltd.: MOU WITH CHINESE MINING COMPANY REGARDING THE TCM COAL PROJECT
(firmenpresse) - Pan Asia Corporation Ltd. / Contract
14.05.2010 17:55
Dissemination of a Corporate News, transmitted by
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MOU WITH CHINESE MINING COMPANY REGARDING THE TCM COAL PROJECT
HIGHLIGHTS:
- MOU signed with the Chinese company Zhongding International Engineering
Co Ltd ('ZIEC'), who have considerable underground mining experience in
Indonesia and internationally
- The MOU covers involvement in pre mine planning including the planning of
additional drilling, a feasibility review, the possible acquisition by ZIEC
of a significant interest in TCM post feasibility at market value,
assistance with project development funding and the undertaking of
underground mining operations.
- The MOU at this stage is non binding as commercial terms will not be set
until after feasibility. TCM / Pan Asia can deal with additional parties in
relation to this emerging project, for which we recently announced a maiden
JORC resource.
The Directors of Pan Asia Corporation Ltd (the 'Company'; ASX: PZC) are
very pleased to announce the signing of a Memorandum of Understanding
('MOU') between PT TransCoal Minergy ('PT TCM') and Zhongding International
Engineering Co Ltd ('ZIEC') covering the TCM coal project in South
Kalimantan, Indonesia.
Headquartered in Nanchang, China, ZIEC has been recognised as one of the
world's top 225 international contractors and has considerable mining
experience in Indonesia and Asia more broadly. ZIEC's experience in the
field of underground coal mining in Indonesia is of particular relevance to
the TCM coal project, for which the Company has previously stated its
ambition to establish an underground mine, targeting production of at least
1.5 Mtpa in 2012.
Under the MOU, the parties have agreed that ZIEC will provide advice on
drilling and project development matters with an emphasis on underground
mining at the TCM tenement.
Subject to the completion of additional drilling to define the ultimate
resource tonnages and the undertaking of a feasibility study, the MOU
provides that ZIEC may, subject to establishing a fair commercial market
price and contingent on assisting with project development finance,
undertake the underground mining operations and become the majority owner
of the project.
Upon completion of the Company's acquisition of Innovation West and the
execution of final transaction documents between Innovation West and PT
TCM, in relation to which a memorandum of agreement has already been
executed, the Company would acquire ultimate ownership of a minimum of 75%
of the TCM project.
CEO Alan Hopkins commented 'This early strong expression of commercial
interest in the TCM underground project by a group with long experience in
underground coal mining is another terrific step forward after the recent
announcement of a maiden JORC resource. We do however anticipate additional
strong interest as it is still early days for this high value coal
project'.
ALAN G. HOPKINS
Chief Executive Officer
About Pan Asia Corporation Limited
Pan Asia Corporation Limited is a rapidly growing diversified resources
company primary listed on the Australian Securities Exchange and secondary
listed on the Frankfurt Stock Exchange and with offices in Perth and
Sydney, Australia and Jakarta, Indonesia.
The Company aims to be a major supplier of key resources into the expanding
Asian markets and is well advanced in its due diligence and requirements
for regulatory and shareholder approval for the acquisition of a number of
significant coal and manganese assets in Indonesia. This diversified
portfolio of assets includes projects in both production and exploration
stages as well as a significant opportunity to participate in commodity
trading which will complement these projects.
The evaluation and development of the current suite of assets in addition
to new opportunities that arise from a strong local partner network will be
the foundation for the Company's aim to become a top tier coal and
manganese company in Indonesia over the next three years. An extensive
international financial network provides support for the Company's rapid
growth plans.
14.05.2010 17:55 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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Datum: 14.05.2010 - 17:55 Uhr
Sprache: Deutsch
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