Direct invest in CHINA expired,page 7 ann.Joint Venture Still ON.
The Company has previously announced plans for expansion of UCG development into Asia. The target countries are the People’s Republic of China, Mongolia and Indonesia. During the half year; • The Company’s Asia office was opened in Beijing • Two local staff have been appointed in Beijing • Work continues with the Company’s local partner to obtain approvals from the Inner Mongolia authorities to commence a trial at the WuNiTe coal resource • A subsidiary company was formed in Mongolia • Discussions continue with the Mongolian Government on the formation of an agreement to develop Underground Coal Gasification sites in that country • A Memorandum of Understanding was signed in Indonesia with local partner PT Medco Energi Mining Internasional (MedcoEnergi) to evaluate potential coal resources for UCG projects in that country. The Board is mindful that the Company continues to pursue a strategy of developing and building business opportunities in Asia whilst the litigation is resolved in Queensland to pave the way for further development in Australia.
CXY Price at posting:
1.7¢ Sentiment: ST Buy Disclosure: Held
