South East Asia Resources has raised the US$ 500 000 needed to execute full production efforts for the PT PAR metallurgical coal project in Indonesia.
The coal mine is expected to deliver its first shipment of metallurgical coal as early as June 2014.
The funds were raised through the placement of 33,333,333 shares each priced at US$ 0.015.
The coal project has secured IUP Production Licensing and has all required infrastructure in place for immediate mine production, including camp, mining equipment, haul roads and processing crush facilities.
South East Asia Resources has also finalised an agreement to acquire and take over the mining contractor, mining equipment and workforce and directly undertake all mining.
Preliminary agreements have been reached for the adjoining coal concession, which will provide continued production on completion of mining from PT PAR.
In addition, domestic off-take arrangements have been finalised with steel mills, for the supply of metallurgical coal, which will be barged from the port of Telen.
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/06052014/funds_raised_for-_indonesian_coal_project_803/