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.
The TCM project, which covers 3,440Ha in the Mantewe District, has an initial JORC compliant resource of 53Mt (inferred and indicated) of high calorific value coal (average 6550 kcal/kg).
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.
