Written by Madelaine B. Miraflor Published on 11 February 2013
From its previous projected target date of January 2014, Coal Asia Holdings Inc. is going to speed up the commercial production for Davao Oriental to October 2013, through its unit, Titan Mining and Energy Corp. (TMEC).
Coal Asia said that the expected start of commercial production for Davao Oriental has been moved up as a result of the completion of drilling and exploration activities a few months ahead of schedule.
“Coal Asia wants to bring the local industry into a sustainable level and developments like these not only keep us on track, but also further accelerate our goal in achieving that,” Coal Asia Chairman Harald Tomintz said.
“The developments in both exploration and production have only skimmed the surface of Coal Asia’s true value, which is why the majority of shareholders have agreed to a longer lock-up period,” he added.
The company is now evaluating and testing two new large coal deposit areas within its Coal Operating Contract area in Davao Oriental.
According to Coal Asia, it is making full use of the proceeds from the capital building exercise held in the previous year, when its shares listed at the Philippine Stock Exchange.
Coal Asia said that it raised some P800 million to build-up the capacity for TMEC to complete its exploration and mine development activities in Mindanao.
In a previous disclosure to the exchange, the firm said that the net proceeds from the initial public offering are earmarked to bring its Davao Oriental mine into production by 2014 and its Zamboanga Sibugay mine by 2015.
Current sales figures for TMEC have amounted to P63 million, which is triple the sales from 2011, which can be attributed to the Zamboanga Sibugay area alone.
Coal Asia is the holder of the country’s second largest coal reserves and resources. source
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