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Wednesday, 20 July 11
TCM COAL PROJECT IN SOUTH KALIMANTAN MOVES TO FINAL FEASIBILITY STUDY
 COALspot.com - Pan Asia Corporation Ltd has executed a formal agreement with an underground mining group KOPEX to undertake a final feasibility study on the PT Transcoal Minergy (TCM) coal project in South Kalimantan, according to press release issued by Pan Asia Corporation Ltd . 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.
This agreement follows the recently completed independent study which indicated the project’s viability targeting 1.5 million saleable tones of high CV coal annually over a 15 year period.
The scope of works for study is comprehensive and includes all aspects normally addressed in a final feasibility study. Key front end items include the additional drilling program currently underway to improve confidence in all aspects of the geological information and to also assess the opportunity for an open pit operation in the central west part of the concession. This drilling will also provide a preliminary determination of the status of the North Area under-ground resources as a potential second under-ground operation.
Pan Asia has also recently appointed Palaris Mining Pty Ltd as an independent adviser to the final feasibility study. Palaris has been extensive in consulting on underground mining projects.
The Current resource for the TCM concession is 52.20 million tones comprising 22.04 million tonnes of indicated resources and 30.16 million tones of inferred coal resources. The average coal quality is 6,534 kcal/kg (adb), moisture 5.65%, ash 14.24%, and TS 1.16%. The study is scheduled to be completed by the end of the first quarter of 2012 and will represent a major step forward for the company.
Pan Asia’s CEO Alan Hopkins says, “We have now launched into the final feasibility study stage of this project, and its outcome should prove to be one of the catalysts that significantly re-rate the company.
Additional drilling and test work has already started, and we look forward to the resource updates to come. In June 2011, Pan Asia announced that KOPEX had completed an independent study on the TCM project with a recommendation that the project be advanced to final feasibility stage. The study indicated that 1.5 million saleable tonnes annually 15 years, following initial construction, is considered achievable. Based on the levels of details in that study, the target underground area at TCM presents a viable and economic opportunity. Additional underground mineralization may exist in the North area.
Kopex considered a number of mining methods that could be employed and concluded that retreat long wall mining would be the preferred method due to potentially higher extraction rates and controlled caving methods to best attain the saleable tones established for the project.
To contact the reporter on this story: Efendi at efendi@coalspot.com
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