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JATCORP LIMITED — Capital/Financing Update 2012
Dec 2, 2012
65154_rns_2012-12-02_0193c1bd-8f55-472e-a6f0-3f6067a137fa.pdf
Capital/Financing Update
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JATENERGY LIMITED
ABN 31 122 826 242
ASX CODE: JAT
ASX ANNOUNCEMENT
- 3 December 2012
Jatenergy signs MOU for Indonesian coal asset
AUSTRALIAN REGISTERED OFFICE
Floor 6, Suite 8 55 Miller Street PYRMONT NSW 2009 AUSTRALIA
CONTACT DETAILS Telephone +61 2 9571 8300 Facsimile +61 2 9571 8200 Email [email protected] Web www.jatenergy.com
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HIGHLIGHTS
- Jatenergy signs MOU to establish joint venture for a third Indonesian coal mine, subject to due diligence.
The board of energy company Jatenergy Limited is pleased to announce that its fully-owned Indonesian subsidiary, PT Barata Energy ( BE ), has signed an exclusive, non-binding memorandum of understanding ( MOU ) with PT Saijaan Prima Coal ( SPC ) for the established of a coal mining joint venture.
SPC holds a production IUP over a 183 hectare property in South Kalimantan, with established coal mining operations and good access to a local port facility. The property is located within an area with several active coal mines.
SPC is looking to expand operations and requires a joint venture partner with expertise in operating Indonesian coal mines to help fund this expansion and assist with operations, sales and marketing.
The MOU is effective for three months, during which time Jatenergy will conduct economic, geological and legal due diligence on the project. The company has paid a deposit to SPC of IRP 1.5 billion (about USD 156,000), which is fully refundable should Jatenergy decide not to proceed with the venture.
If Jatenergy proceeds with the proposed joint venture, it will increase to three the number of active Indonesian coal mining operations of the company, together with its existing Jongkang I and Jongkang II mines. The proposed JV is also in line with the company’s strategy of focusing on existing and near-to-production coal mining operations, particularly in Indonesia.
About PT Saijaan Prima Coal
PT Saijaan Prima Coal (SPC) is an Indonesian-registered trading company established in South Kalimantan in 2004 and privately-owned by a wealthy Indonesian family. The company’s shareholders also own a number of other coal mining concessions in the same area as the SPC concession, in addition to a port facility for loading coal onto barges for export. Jatenergy is continuing discussions with the shareholders regarding further potential joint ventures and access to the port facility.
About Jatenergy
Jatenergy Limited is a Sydney-based diversified energy company operating in both Australia and Asia. Jatenergy’s strategic focus is on producing cash returns from its coal and jatropha assets as well as implementing the proprietary Coal Plus technology for upgrading low grade coal into high value energy products.
Media and management contact
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Tony Crimmins 02 9571 8300 [email protected]
About Jatenergy Jatenergy Limited is a Sydney-based diversified energy company operating in both Australia and Asia. Jatenergy’s strategic focus is on producing cash returns from its coal and jatropha assets as well as implementing the proprietary Coal Plus technology for upgrading low grade coal into high value energy products.
Directors Tony Crimmins Executive Chairman Richard Pritchard Non-Executive Director Mr Xipeng Li Non-Executive Director Mr Wilton Yao Alternate Director
Jatenergy Limited ABN 31 122 826 242 ASX code JAT Ordinary fully paid shares 96,690,568 Listed options 31,898,547