Pan Asia Corporation will accelerate exploration studies at its flagship TransCoal Minergy (TCM) project in South Kalimantan after raising $560,000 in a placement of 8 million shares.
Almost a quarter of the new shares have been taken up by new non-executive director Mitch Jakeman, who was appointed in the role at Pan Asia in November 2012. Mitch Jakeman has worked in the Australian coal mining industry for almost four decades, predominantly with major global coal resources companies BHP, Shell Coal, Rio Tinto and Anglo Coal Australia.
He has spent a significant part of his career managing large underground and open-cut coal mining operations and held the position of head of operations for Anglo Coal Australia until 2010, where he was responsible for more than 40 million tonnes annually of thermal and coking coal production for domestic and export markets.
Mitch has since provided strategic and risk management advice to a number of private and listed companies in the resource and financial services sectors as well as being appointed as the director responsible for consultancy firm Coal & Energy of China House which is uniquely positioned to provide capital and secure Chinese investment.
Pan Asia chairman Domenic Martino says Mitch Jakeman’s appointment adds important technical capability to the project. “This will help us deliver the low cost, high calorific value TCM project in a manner that makes best use of shareholder capital and delivers a clear value proposition to potential off-take partners and investors at the project level. Mitch has a technical and operational track record of delivering results. His knowledge and experience will be invaluable to the existing Pan Asia management team in leveraging the significant work they have done to date.”
The TCM project’s south deposit has been estimated at 114 million tonnes. In August 2012, the company announced all holes in a phase 4 drill program in the northern section of the project intersected coal seams. In November, Pan Asia completed the collection of dry season baseline data at the high calorific value coal project in a bid to meet the world’s best practice Environmental and Health standards. The company is currently negotiating with parties interested in participating in the project’s development. Completion of a feasibility study is scheduled during this quarter.