pan asia resumes trading on asx -coal producer

http://www.miningweekly.com/article/pan-asia-resumes-trading-on-asx-2011-01-31

Pan Asia resumes trading on ASX


By: Esmarie Swanepoel
31st January 2011

Updated 4 hours agoTEXT SIZE PERTH (miningweekly.com) − Diversified junior Pan Asia Corporation has relisted on the ASX following the acquisition of Indonesian coal assets.

Pan Asia was suspended from official quotation in November on news that it had bought Innovation West, the owner of a mix of assets, including one with immediate cash flows from a four-year, 4,8-million ton offtake agreement with Noble Resources.

Trading in Pan Asia shares were reinstated on Monday after the company complied with the ASX listing rules. More than 72-million fully ordinary shares had been requoted on the ASX.

Pan Asia now has a clear mandate to chase our goal of becoming a major supplier of key resources to expanding Asian markets, said CEO Alan Hopkins.

He noted that the company had a significant pipeline of thermal coal projects in Indonesia, including a flagship predevelopment project, in South Kalimantan, that has an initial Joint Ore Reserves committee resource of 19,7-million tons indicated, and 11-million ton inferred resource, as well as an exploration target of between 50-million tons and 70-million tons.

The other projects included a flagship exploration project with a large tonnage potential of between 50-million ton and 70-million tons, as well as pipeline of other project opportunities.

Hopkins said that the evaluation and the development of the current suite of assets, in addition to new opportunities that arose from a strong local partner network, would be the foundation of the companys aim to become a significant resources company in Asia.

Pan Asia shares were trading at around 25c a share at the time of writing, up from an opening price of 20c a share.



Edited by: Mariaan Webb