Asian Activities Report for April 20, 2011: C @ Limited (ASX:CEO) To Acquire Substantial Mongolian Coking And Thermal Coal Assets
Sydney, April 20, 2011 AEST (ABN Newswire) - C @ Limited (ASX:CEO) has signed an agreement with an international coal developer that has a significant position in the coking and thermal coal industry in Mongolia. The agreement provides C @ Limited with an option to acquire 8 highly prospective coal exploration licenses in the South Gobi, near the Chinese border, with access to existing infrastructure. The Company has established a technical team and is ready to develop these assets.
Energio Limited (ASX:EIO) has completed an initial geophysical program on the KCMH Iron Ore Project in Nigeria. The program has enabled the Company to select several primary targets and initial field work at the targets has returned positive results. The Company is now preparing access roads in the selected areas for a planned drilling program to commence during Q2 2011.
MACA Limited (ASX:MLD) has received a Letter of Intent from Regis Resources Limited (ASX:RRL) for the provision of mining services at the Garden Well Gold Project. The proposed contract will generate A$450 million over 8 years. The services to be provided by MACA include various civil works, drilling, blasting and load and haul. Mobilisation to site is expected to occur in the third quarter of the calendar year 2011, subject to successful completion of the necessary approvals and contract negotiations.
Panax Geothermal Limited (ASX:PAX) has signed an agreement with PT Bakrie Power to develop the Ngebel Geothermal Project, a 165 megawatt geothermal project in Indonesia. Under the terms of the agreement, Panax will earn a 35% working interest in the project through funding of required exploration works before commercial development commences in late 2012.