COMPANY ACTIVITY

APAC Coal gives Hudson extension

INDONESIAN explorer APAC Coal has given Hudson Minerals Holdings a three-month extension on an in...

Lou Caruana
APAC Coal gives Hudson extension

APAC Coal has an investment in Hudson, which is incorporated in Singapore as a private limited company, in the form of a convertible loan for $A2.5 million, with the first six-monthly payment due on October 31.

To facilitate the compensation process, construction of the mining access road and the pit opening, APAC Coal then agreed to commit to a further investment of $350,000 to enable the project to meet its maiden production timeline by the third quarter.

But due to the unforeseen technical issues at the Aie Dingin iron ore mine, APAC agreed to grant a three-month extension for the interest repayment to January 31, 2012.

APAC decided to make the convertible loan investments in Hudson to derive constant revenue stream from the interest payments and at the same time, be able to participate in a high-potential concession via the conversion option.

It claims it has a 30-year concession to explore for coal over a 23,124-hectare parcel of land in East Kalimantan, Indonesia.

It said a JORC-compliant inferred resource of 18.2 million tonnes had been identified, which was expected to form the basis of an initial mining operation.

The resource occurs within a very small area of the concession (3.8%), with over 90% of the concession yet to be explored to any significant degree.

Kalimantan is the principal coal producing region of Indonesia and the world’s seventh-largest coal producer.

APAC Coal is a subsidiary of Singapore-listed Magnus Energy Group, which operates in the upstream petroleum and coal industry.

Its core focus is petroleum, coal production, low-risk exploration and field development.

Magnus committed to providing a low-cost management and finance team in the initial phase of the development of APAC Coal.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production