5 Dec 2008resource reserve update▲ GoodMajor
A new resource statement (announced December 1, 2008) for the Graha concession (Block 24) raises the estimated coal resource to 248 million tonnes from 204 million. 141 million tonnes are now rated indicated and 107 million tonnes inferred. Resources are not reserves; the company plans Phase II drilling once it gets its exploration licence extension and a Forestry Department permit, and aims to apply for an exploitation licence by year-end, hoping to receive it by end of May 2009. The company address is now Jakarta.