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Wednesday, 27 October 10
MAIDEN COAL SHIPMENTS TO NOBLE RESOURCES - PAN ASIA AUSTRALIA
 Press Release :
First Coal Shipments made from Nadvara Coal Project, East Kalimantan
51,616 tonnes delivered from October production – first delivery under long term offtake agreement with Noble Resources Pty Ltd (“Noble”)
First positive cashflows to Pan Asia/Innovation West
Pan Asia Corporation Ltd (“Pan Asia” or the “Company”; ASX: PZC) is pleased to report its maiden coal shipment from the Nadvara coal project in East Kalimantan.
The 51,616 tonne shipment is the first under a four-year offtake agreement between Pan Asia/Innovation West and Noble for the delivery of 4.8 million tonnes of coal, and was loaded via the barge loading facility near the mouth of the Mahakam River, about seven kilometres from the Nadvara mining operation.
Pan Asia CEO Alan Hopkins said the delivery triggered the first positive cashflows for the Company under financing and offtake agreements with Indonesian partner, Ranrich.
“This is a significant miles tone for Pan Asia / Innovation West and demonstrates the success of our strategy to seek and deliver thermal coal opportunities to supply expanding Asian markets” ” he said.
“Our objective is to become a significant resource company in Asia over the coming years and we have amassed a pipeline of exciting coal projects at various stages of development. With the achievement of the Nadvara maiden shipment triggering positive cashflow, we’re now on our way to building shareholder value.”
The rate of deliveries to Noble is scheduled to increase after the initial three months to at least 100,000 tpm.
About Pan Asia
Pan Asia Corporation Limited is a rapidly growing diversified resources company primary listed on the Australian Securities Exchange (ASX: PZC) 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 with requirements for regulatory and shareholder approval for the acquisition of a number of significant coal assets in Indonesia.
The Company has entered into an agreement to acquire Innovation West Pty Ltd, which has a balanced mix of thermal coal assets in Indonesia. These assets include:
1) Projects that generate immediate cashflow (eg Nadvara)
2) A Flagship Pre Development project that has a JORC resource in South Kalimantan (TCM)
3) A Flagship Exploration project that has large tonnage potential (BCKP / SIM)
4) A Pipeline of other project opportunities covering each of the above categories.
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 significant resource company in Asia over the coming years. An extensive international financial network provides support for the Company’ s rapid growth plans.
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects.
For Further Information Contact:
Alan Hopkins Chief Executive Officer Pan Asia Corporation Ltd Tel: + 61 8 9381 5819
Media
Annette Ellis / Tamatha Smith Purple Communications Tel: +61 8 6314 6300
Source: Pan Asia Corp
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Thursday, 04 November 10
CAPE SIZE SENTIMENT FOR THIS WEEK WAS NEGATIVE - FEARNBULK
Handy
The Atlantic markets remain flat and lackluster. High volume of tonnage availabi ...
Thursday, 04 November 10
GVK TALKS WITH MEC FOR INDONESIAN MINES DEAL - DNA INDIA
As reported by DNA India, GVK Power and Infrastructure on Wednesday said it is in talks with Gulf-based MEC Coal to buy its coal mines in Indonesia, ...
Wednesday, 03 November 10
PANAMAX SIZE DRY-BULK CARRIER MARKET IS STRONG - GERSON LEHRMAN
Panamax class vessels have been part of the fluctuation of the broader current dry bulk market. They have experienced occasional steep movements, du ...
Tuesday, 02 November 10
ADDED VALUE REMAINS STAGNANT - MAJALAH TAMBANG
The improvement of added value of mining products in accordance with mandate of the mining law has not been visible. Minerals and coal are still exp ...
Saturday, 30 October 10
THE SUPRAMAX FREIGHT MARKET THIS WEEK REMAINED ALMOST AT LAST WEEK LEVELS - VISTAAR SINGAPORE
COALspot.com: The freight market this week remained almost at same levels except for Panamax index which was up by 191 points.
The feast/SE Asia ...
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