LODGED ONLINE - · PDF fileResources (‘OGL Indotrade’) with Malaysian owned group,...
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OVERSEAS & GENERAL LIMITED A.R.B.N. 007 509 319 30 July 2010 LODGED ONLINE Company Announcement Office AUSTRALIAN STOCK EXCHANGE LIMITED 20 Bridge Street Sydney NSW 2000 AUSTRALIA. Attention: Ms. Jill Hewitt SINGAPORE EXCHANGE LIMITED 2 Shenton Way, #19-00 SGX Centre 1, SINGAPORE 062204 Attention: Ms Darrell Lam OGL June 2010 Quarterly Report Corporate Developments • Overseas & General Limited (OGL) is undergoing a major reorientation of the Company’s activities to focus on the mining industry with particular emphasis on coal exploration, development and mining in Indonesia and Australia. • The Company will seek shareholders approval for the change of activities and will also, subject to ASX requirements, look to satisfy the requirements set out in Chapter 1 and 2 of the Listing Rules. • As part of this process the Company will be issuing a Prospectus and will be undertaking a capital raising of a sufficient size to allow the Company to proceed with its o v bjecti es. • GL has transformed the Board to advance these new objectives, which now O comprises the following persons: rman hairman Jack Tan Non‐Executive Chai Michael Mo Non‐Executive Deputy C ctor David Mason Managing Director Neil Stuart Non‐Executive Dire Henry Khoo Executive Director For personal use only
Transcript of LODGED ONLINE - · PDF fileResources (‘OGL Indotrade’) with Malaysian owned group,...
OVERSEAS & GENERAL LIMITED
A.R.B.N. 007 509 319
30 July 2010
LODGED ONLINE
Company Announcement Office AUSTRALIAN STOCK EXCHANGE LIMITED 20 Bridge Street Sydney NSW 2000 AUSTRALIA.
Attention: Ms. Jill Hewitt
SINGAPORE EXCHANGE LIMITED 2 Shenton Way, #19-00 SGX Centre 1, SINGAPORE 062204 Attention: Ms Darrell Lam
OGL June 2010 Quarterly Report
Corporate Developments
• Overseas & General Limited (OGL) is undergoing a major reorientation of the Company’s activities to focus on the mining industry with particular emphasis on coal
exploration, development and mining in Indonesia and Australia.
• The Company will seek shareholders approval for the change of activities and will also, subject to ASX requirements, look to satisfy the requirements set out in Chapter
1 and 2 of the Listing Rules.
• As part of this process the Company will be issuing a Prospectus and will be undertaking a capital raising of a sufficient size to allow the Company to proceed with its o v
bjecti es.
• GL has transformed the Board to advance these new objectives, which now
Ocomprises the following persons:
rman hairman
Jack Tan Non‐Executive Chai
Michael Mo Non‐Executive Deputy C
ctor David Mason Managing Director Neil Stuart Non‐Executive DireHenry Khoo Executive Director
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• OGL has formed an alliance with Chinese company Jincheng Zhongjia Coal Industrial Co. Ltd (Jincheng) to actively seek coal projects in Australia. OGL will hold a significant, though minority share, of the JV which will comprise a combination of free and carried interests with Jincheng fully responsible for all the funding of the JV Company.
• OGL has established a new foreign owned, Indonesian company, PT OGL Indotrade Resources (‘OGL Indotrade’) with Malaysian owned group, Golden Focus Group Limited (Hong Kong) and their Indonesian entity, PT Indotrade Resources (‘Indotrade’), who are currently producing and exporting steaming coal in East Kalimantan, Ind
onesia. OGL hold 51% of the Company.
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OG Indotrade has secured three coal projects in Indonesia:
1. CV Rahmat Nikmat (Rahmat), Kutai Kartanegara District, East Kalimantan Province, totalling 89 hectares.
nce, 2. PT Pagar Benua Borneo (Pagar), Kutai Barat District, East Kalimantan Provitotalling 10,000 hectares.
3. CV Chandra Jaya (Chandra) and PT Sokki Prima Coal (Sokki), West Tanjung Jabung District, Jambi Province, totalling 917 hectares.
Project Highlights R ahmat Coal Project
OGL Indotrade has secured the coal rights of the Rahmat coal project through a •Contract to Operate with the owners of the lease.
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Resource definition drilling was completed in early July with encouraging results
Two seams with thicknesses of between 1.5 to 2.5 meters were intersected •throughout the lease area.
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Quality is good with adb GCV of 5,550, ash of 4% and sulphur 0.3%.
Detailed geological modelling and mine planning is being carried out and OGL expects •
to be able to report JORC resources and reserves following this evaluation.
Mining operations are on schedule for an August commencement with first coal sales in September 20
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10.
• OGL Indotrade has chosen a mining contractor, negotiated contract terms and requested equipment mobilisation for late July 2010. No impediments to early commencement of operations have been determined. An existing haulage route east to the coast has been determined and negotiations are being finalised for use of this road and crushing, loading and port facilities at commercial rates. This has ensured short development lead times and minimal capital expenditure. OGL envisage
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operations of around 50,000 tonnes per month coal production with first coal sales in September 2010.
• OGL has entered into a Memorandum of Understanding (MOU) with Chinese entity Zhejiang Materials Industry Fuel Group Co. Ltd as a preliminary step towards the determination of a Supply Contract for the Rahmat coal.
P agar Coal Project
• OGL Indotrade has entered into a Joint Operating Agreement with the owners of PT Pagar Benua Borneo covering 10,000 hectares in the West Kutai district of East Kalimantan.
• Preliminary reconnaissance at the Pagar coal project has revealed the presence of
some very high energy coal in the lease which is part of the coal bearing Eocence Tanjung Formation.
• A regional geological mapping program is planned for Pagar over the later part of 2010.
J ambi Coal Project
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OGL Indotrade has entered into an Option Agreement Term Sheet to secure the rights to coal within the Chandra and Sokki leases in Jambi.
• Small quantities of good quality thermal coal were mined at Chandra during 2009 however ceased when the owners ran into difficulties through lack of experience and capital.
• Coal seams range up to two metres in thickness with shallow dips.
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Project Generation uring the quarter OGL and OGL Indotrade continued to review additional mineral D
exploration projects in Australia and Indonesia. Detailed information GL projects can be found on the on all aspects of OCompany’s website www.oglltd.com David M Robert ason Lees
Phone PhoneCEO & M Compananaging Director y Secretary
obile Mobile: +61 (2) 9267 4633 : +61 (2) 9299 9580 : +61 (0) 400 707 329 : +61 (0) 411 494 406
mail: [email protected] Email: [email protected] ME Competent Persons The information in this report that relates to coal exploration results is based on information compiled by David Mason, who is a Fellow of the Australasian Institute of Mining and Metallurgy and has Chartered Practicing Status (Management). David Mason is the Managing Director of Overseas & General Limited. David Mason has sufficient experience, which is relevant to the type of resource under consideration and the activities being undertaking, to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. David Mason consents to the inclusion in the report of this information in the form and context in which it appears.
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