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88娱乐城
The company, which is a 47.1%-owned subsidiary of Perth-based Straits Resources, announced yesterday it had received the approval from Indonesia鈥檚 Ministry of Energy and Mines.
The new 5121-hectare area lies north of Straits Asia鈥檚 offshore Western Leases and adjoins the onshore Northern Leases.
The area will be held under Straits Asia group鈥檚 coal contract of work, the terms of which are otherwise unchanged by the new area extension.
Straits Asia said it would now surrender an existing concession area of 3233ha of nearby land that it no longer considered prospective for mining.
Straits Asia chief executive Richard Ong said the company expected the coal seams in its existing leases, which have already disclosed a combined 330 million tonnes of indicated and inferred resources, would extend into the new area.
鈥淪trategically this is an important addition to the overall planning of Sebuku and, in my opinion, will add major long-term value to Straits Asia,鈥� Ong said.
All plans for eventual mining of the area will be added to the technical feasibility studies already underway for the Western Leases.
Drilling of the new area is due to start in 2009.
