The TCM project has the potential to produce 1.5-2 million tonnes per annum of thermal coal over an initial 15 year mine life.

During the sixth-month period, Pan Asia increased the projects 53 million tonne JORC resource to 114.6Mt, representing a 116% jump.

The company said it wrapped up a 50 borehole drilling program at the project in early January, which was required to finalise the final feasibility study.

Pan Asia expects the study to be completed at the end of April.

“Our ability to appoint world-class partners, namely PT Kopex Contractors Indonesia, a subsidiary of the Warsaw Stock Exchange listed parent Kopex Group, has enabled the company to meet its deadlines and progress the final feasibility at the TCM Project in line with expectations,” Pan Asia said.

“The coming half-year will see the completion of the feasibility study for the TCM project which holds much promise to be the foundation for the company to achieve significant growth over the coming years.”

Pan Asia has a 75% stake in the TCM project, with local partners acquiring the remaining 25% stake.

The development of the TCM mine is on track to be completed at the end of 2012.