Pan Asia Signs MoU with Kopex Mining

Resources

Saturday, 22 May 2010 07:14

Written by Hatman Bintang

The Australian-listed mining company, Pan Asia Corporation Ltd (PZC) said that it has signed a memorandum of understanding (MOU) with Indonesian mining contractor PT Kopex Mining Contractors to develop its project in South Kalimantan.

Under the MoU, KMC will develop the Trans Coal Minergy (TCM) project in South Kalimantan. The MoU also gives a possibility for KMC to provide assistance project development financing after the completion of TCM project preliminary review.

In a statement issued on Friday, Pan Asia said that after completing the acquisition of Innovation West and the execution of definitive transaction documents between Innovation West and TCM, Pan Asia will have 75% ownership of the TCM project, as well as network of service providers that will assist Pan Asia in developing the project.

Pan Asia also said it has received commitments for the $5 million placemen, that was received on Friday (May 21). It plans to invest the funds in its Nadvara and Perdama Maju Utama projects in East Kalimantan.

KMC is a local Indonesian company, which has expertise in the planning and designing of underground coal mines, and has employed Expatriate and Indonesian mining staff working in Asia Pacific region. KMC has an underground operation in progress now in Indonesia. KMC is now actively seeking to invest and expand underground coal mining operations in Indonesia.

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