Pan Asia considering TCM sell
PERTH (miningweekly.com) – Emerging energy resources company Pan Asia Corporation on Thursday flagged the possibility of divesting its current 75% interest in the TCM coal project, in Indonesia.
The company told shareholders that it was currently in advanced negotiations with a Singapore-based group regarding the sale of the TCM interest.
Subject to a successful due diligence, which would likely be completed by December 15, the parties could enter into a binding agreement to progress the transaction.
The TCM project currently had a mineral resource estimate of about 129.16-million tonnes, and was expected to deliver some 1.5-million tonnes a year of saleable coal product over a 30-year mine life.
Pan Asia has been working on a number of funding scenarios to bring the project to production, and the miner said on Thursday that while negotiations with the possible buyer were continuing, the company would remain focused on establishing a quicker and more cost-effective access to the coal seams, as well as completing outstanding permits required for the start of production.
Pan Asia on Thursday also placed about 24-million shares to the Tata Artha Group (TAG), at A$0.021 each, to raise A$504 000.
TAG has further committed to the placement of a further 48-million shares, in two tranches, at a similar price.
Following the issue of the additional tranches, in January and February respectively, Pan Asia would start a rights issue, at an offer price of A$0.021 a share.
The details of the rights issue would be confirmed at a later stage.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation