The company is also considering opportunities that will support and advance the Elko Coking Coal project in Oklahoma, USA, in a cost effective manner, it said in its latest quarterly report.

“The current downturn in the global economy and depressed bulk commodities outlook has resulted in the company’s directors reviewing opportunities that can leverage Pacific American Coal’s exposure to the coal industry and bring additional value to its shareholders,” it said.

During the December quarter, the company focused on the delivery of its 257 million tonne JORC coking coal resource at the Elko Coking Coal project.

“This result was delivered with minimal expenditure and demonstrates the company’s ability to achieve positive results through effective cost management,” it said.

“The board has eliminated all but essential expenditure and continues to pursue cost saving measures in order to preserve the company’s cash reserves. The board is committed to exploring opportunities that will ensure the future of the company through this period of depressed commodity markets.”