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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • Jatenergy To Open Jongkang Coal Mine In Indonesia 0 comments
    Feb 20, 2014 1:26 AM

    Jatenergy (ASX:JAT) is set to open the Jongkang mine as the strong weather conditions abate.

    Heavy monsoon rains had delayed the re-opening of the old mine and the establishment of a new pit in Wijaya Mulia.

    The Jongkang I and the Jongkang II projects are in production and have produced about 35,000 tonnes in the past year.

    They are located in East Kalimantan about 5 kilometres from an existing haul road from the Mahakam River and 25 kilometres from the coal hub in Samarinda.

    Separately, Jatenergy is also seeking expressions of interest for the sale of its Coal Soil Brik Katingan asset. It had earlier been in discussions with PT Prakarsa Corporindo, but talks haven't progressed, opening up the sale of the assets to third parties.

    Jatenergy believes that plans for a power station in the Katingan area would make the Coal Soil Brik asset site more attractive as the power station would require a steady source of coal supply. The project site is in the South Kalimantan province.

    Late last year, Jatenergy finalised a profit sharing agreement with Chapmans Limited (ASX:CHP) that put the company on the path to increased production and profits from its Indonesian coal projects.

    An initial investment of $200,000 was made directly into the Jongkang project for 50% profit share with Jatenergy. Chapmans also has the option to invest a further $850,000 into Geronggang project, or Blackrock Energy, which houses the Barata projects.

    The investment will enable the Jongkang project to be transitioned into a higher production mine facility with a monthly production target of 20,000 tonnes per month.

    Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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