Pan Asia Corporation Limited announced its maiden coal shipment from Nadvara coal project in East Kalimantan. The 51,616 tons shipment is the first under a four-year off take agreement between Pan Asia/ Innovation West and Singapore-based commodities firm Noble Resources Pte Ltd- a unit of global commodity trader Noble Group- for the delivery of 4.8 million tons of coal. The coal was loaded via the barge loading facility near the mouth of Mahakam River, about seven kilometers from Nadvara mining operation.
Noble has prepaid the project at a total of 2 million. The Nadvara project is one of a number that Pan Asia holds the rights to acquire under the terms of the acquisition of Innovation West Pty. Ltd. Pan Asia CEO Alan Hopkins said the delivery triggered the first positive cash flows for the company under the financing and offtake agreements with Indonesian partner, Ranrich.
The rate of deliveries to Noble is scheduled to increase after the initial three months to at least 100,000 tons per month (tpm). According to Pan Asia in an earlier statement, Nadvara is in a production stage with the current production of 1.5 million tons per annum, gross calorific value of 5,300- 5,500 kcal/kg (adb) and JORC reserve and resource of 25.5 million tons with additional potential.
Pan Asia is a resources company primary listed on the Australian Securities Exchange and secondary listed on the Frankfurt Stock Exchange and is well advanced for the acquisition of a number of coal assets in Indonesia.
No comments:
Post a Comment