|- 2016 IQPR reports substantial increases of 227% in Coal Reserves and 150% in Coal Resources|
- 55 million tonnes of Coal Reserves upgraded to "Proved Reserves" status
- Coal Reserves at 147 million tonnes, Coal Resources at 520 million tonnes
SINGAPORE, Aug 10, 2017 - (ACN Newswire) - BlackGold Natural Resources Limited (the "Company", and together with its subsidiaries, the "Group" or "BlackGold") is pleased to announce that its Coal Reserves at its PT Samantaka Batubara Concession ("PT SB Concession") as at 9 June 2017 have more than tripled from its last reported estimates, which were announced on 8 August 2016.
The Coal Reserves and Coal Resources as at 9 June 2017 have increased by 227% and 150% respectively, according to its latest independent qualified person's report for the financial year ended 31 December 2016 ("2016 IQPR"), which was prepared by the Company's independent consultant, PT GMT Indonesia ("PT GMT"). Total Coal Reserves estimates at PT SB Concession increased from 45 million tonnes to 147 million tonnes, while Coal Resources estimates increased from 210 million tonnes to 520 million tonnes. The reported Coal Reserves assume and is dependent on the Company being successful with its bid to supply 3.5 million tonnes of coal per annum to the Riau 1 Mine-Mouth Power Plant. The Company is of the opinion that there is a reasonable expectation that the current bid (to supply coal to the Riau 1 Mine-Mouth Power Plant) will proceed.
PT GMT's report was prepared according to the guidelines of the internationally accepted Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, December 2012 (the JORC Code 2012).
Coal Resources refer to coal of such form, quality and quantity that there are reasonable prospects for eventual economic extraction. Coal Reserves are defined as the economically mineable part of a Measured and/or Indicated Coal Resources. Coal Reserves are divided in order of increasing confidence into 1) Probable Coal Reserves and 2) Proved Coal Reserves. Proved Coal Reserves refer to the amount of coal that can be extracted with a level of certainty that is higher than that of Probable Coal Reserves. Coal Resources reported are inclusive of those Coal Resources converted to Coal Reserves.
"We are very encouraged by the stellar growth in our coal assets," commented Mr Philip Rickard, the Chief Executive Officer of the Group. "The substantial increase in PT SB's Concession's Coal Reserves accelerates the Group's strategy of becoming a major coal producer in Indonesia. We are also very pleased as this affirms the sufficiency of BlackGold's Coal Reserves, enhancing our abilities to negotiate increases for future coal deliveries to our existing customers, and for the planned 30-year exclusive coal supply to a 2 x 300 MW coalfired mine-mouth power plant (the Riau 1 project)."
The updated estimates of Reserves and Resources in respect of the PT SB Concession are shown in Table 1 below.
- Press release [PDF]: http://bit.ly/2wKZzyh
The information in this report on the Company's Coal Resources and Reserve is based on and fairly reflects the documentation prepared by Mr William (Bill) Park (Coal Resources) and Mr Chris Spiliopoulos (Coal Reserves) under the supervision of Mr Krisjna Alimoeddin, a director of PT GMT. Both Mr Park and Mr Spiliopoulos consent to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
This press release is to be read in conjunction with the Company's announcement posted on the SGXNET on 10 August 2017.
About BlackGold (Bloomberg Ticker: BHR:SP)
The Group is an Indonesia-focused coal mining company targeting Indonesia's rapidly growing power plant industry. Through long term, fixed offtake agreements with its principal customers, the Group has a customer portfolio consisting of state-owned and independent power plants and factories.
The Group, through its local subsidiaries, has the rights to three coal concessions in Riau, Indonesia.
Currently, the Group, through its subsidiary PT Samantaka Batubara, has a coal concession for an area of 15,000 hectares, and has over 500 million tonnes of Coal Resources. For more information, please visit www.blackgold-group.com.
T: +65 6884 4418
This press release has been prepared by BlackGold Natural Resources Limited (the "Company") and its contents have been reviewed by the Company's sponsor, SAC Advisors Private Limited (the "Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this press release.
This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made, or reports contained in this press release.
The contact person for the Sponsor is Mr. Sebastian Jones, Director, at 1 Robinson Road, #21-02 AIA Tower, Singapore 048542, telephone: +65 6532 3829.
SAC Capital Private Limited is the parent Company of SAC Advisors Private Limited.
Aug 10, 2017 17:00 HKT/SGT
Source: BlackGold Natural Resources Ltd
Sectors: Metals/Mining, Energy
From the Asia Corporate News Network
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