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- Agreement with leading international underground coal mining group, KOPEX, underscores value of Pan Asia’s TCM coal project in South Kalimantan, Indonesia
- TCM Project has initial 53MT JORC resource
- KOPEX to co-fund accelerated infill drilling and bankable feasibility study
- Kopex gains pre-emptive rights to participate in the project
A significant agreement between Pan Asia Corporation Ltd (the “Company”; ASX: PZC) and underground coal group KOPEX, has established a world-class partnership that paves the way for accelerated development of the Company’s flagship TCM coal project. Pan Asia CEO Alan Hopkins said having a closer engagement with a large, experienced underground coal operator with the capability to deliver TCM to production, was a major step forward in advancing this project. The agreement incorporates funding support from KOPEX for the next phase of infill drilling, as well as the bankable feasibility study, in return for pre emptive rights to participate in the project (excluding the washing plant, power plant and sale of the coal). KOPEX is currently undertaking preliminary studies on the project and is well advanced in this work, with results due next month. “KOPEX is a world leader in underground coal mining with the capacity to undertake mining operations as well as providing the required mining equipment,” Mr Hopkins said. “With its significant underground coal operating experience in Kalimantan, KOPEX has recognised the value of our TCM project by identifying it as a priority for their involvement. “We are now ahead of schedule on our deliverables for the project and as we move through to bankable feasibility study stage, we anticipate adding considerable value to our holding." The TCM project has an initial JORC compliant resource of 53Mt (inferred and indicated) of high calorific value coal (average 6550 kcal / kg). Being adjacent to PT Arutmin’s operating ATA mine, TCM also benefits from its proximity to well established infrastructure. 
Kopex Managing Director (Asia); Maciej Sciazko & Pan Asia CEO; Alan Hopkins sign the agreement in Jakarta TCM Project Overview The TCM project covers 3,440Ha in the Mantewe District, Tanah Bumbu Regency, South Kalimantan Province, Indonesia. The project has a Government-approved IUP production license, granted for 15 years which is extendable for a further two ten-year periods under Indonesia’s new mining laws. Mining of the project will be underground, using long-wall mining techniques. KOPEX are currently well advanced with their preliminary engineering study as to the expected optimum scale of operations. |
