INDONESIA - Orpheus secures $2.24 million for Kintap mines

Orpheus Energy has raised $2.24 million through the placement of 17.2 million shares to fund the development of satellite mines in the Kintap district of South Kalimantan. The placement was made to domestic and international investors. Drilling at the company’s B34 project in East Kalimantan will also be funded. 

Orpheus executive chairman Wayne Mitchell says, “We are very pleased to be able to welcome a range of new international investors to Orpheus as we continue our strategy of developing a quality portfolio of production and near-term production assets in Indonesia.”

The ADK coal mine has been in production since April 2011 with 95,000 tonnes shipped from the mine in the past three months. Orpheus acquired a 50% interest in the project in March 2012, commencing a joint venture with PT Mega Coal. Last month, Orpheus shipped its first major export contract of 29,000 tonnes of thermal coal to an Indonesian trading group.

Funding from the share placement will also go into an ongoing exploration program of resource drilling in the South Kalimantan region.

www.orpheusenergy.com.au