PT Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC1 resource report which was conducted on a 500 hectare area (Zone A) within IBP’s 3rd Generation CCOW2 concession.
Zone A made up 2% of IBP’s total concession area of 24,477 hectare. IBP is a wholly owned subsidiary of PT Resource Alam Indonesia Tbk (KKGI), controlled by Adijanto family.
The above JORC resource report indicates that Zone A (500 hectare) contains total coal resource of 56.1 million tons with an average calorific value of 4,400 – 4,200 on As Received (AR) basis.
Britmindo stated that it would take approximately 7 to 8 weeks to complete Zone A’s JORC reserve report from here on. This scheduled time frame is slightly longer that initially expected due to long waiting list at the mining & mineral laboratories.
This will be the first out of a series of planned JORC survey that shall be undertaken by IBP as it is hoping to progressively prove up its coal resource and reserve. Given that JORC survey on Zone A is almost complete, IBP is preparing to proceed with its next JORC survey on another 500 hectare area (Zone B) adjacent to Zone A. Britmindo pointed out that all major coal seams that were indentified on Zone A runs continuously through Zone B.
Disclosure: No position at the stock mentioned above.
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