Pan Asia Corporation’s PT Transcoal Minergy (TCM) project has been granted official status as a foreign-owned company from Indonesia’s Capital Investment Coordinating Board (BKPM). The status means the project is now referred to as a PMA (‘Penanaman Modal Asing’) company which will facilitate the planned incoming substantial foreign investment for the project’s development.
Pan Asia is making good progress at the high CV coal project, recently completing further drilling in the northern area of the concession while negotiating with parties interested in participating in the development of the project.
The company’s chief executive officer Alan Hopkins says, “PMA status is another box ticked as we move to the development stage for our flagship TCM project. It is very timely as we are now in discussions with parties interested in participating in the development of our project.”
The TCM project is in Indonesia’s South Kalimantan, where the south deposit has been estimated at 114 million tonnes.
Pan Asia aims to be a major supplier of key resources into the expanding Asian markets. A feasibility study for TCM is expected to be announced in October.
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