Emerging Australian resources company Pan Asia is a step closer to achieving its goal of becoming a major supplier to expanding Asian markets with the acquisition of a pipeline of thermal coal projects in Indonesia.

Finalised yesterday with overwhelming shareholder approval at the company’s Annual General Meeting, the purchase of Innovation West Pty Ltd has given Pan Asia a balanced mix of assets, including one with immediate cashflows from a four year, 4.8 million tonne off take agreement with Noble Resources.

The other assets include

1. A Flagship Pre Development project in South Kalimantan (the TCM Coal Project) that has an initial JORC resource of 19.7 million tonnes (Indicated), 11 million tonnes (Inferred) and an exploration target of 50 million tonnes to 70 million tonnes

2. A Flagship Exploration project, BCKP Coal Project, that has large tonnage potential with an exploration target of 50 million tonnes to 70 million tonnes plus

3. A Pipeline of other project opportunities covering each of the above categories.

Mr Alan Hopkins CEO of Pan Asia said finalization of the Innovation West acquisition had put Pan Asia firmly on the path to achieving its key objective of becoming a significant coal company in Indonesia within the next three years.

He said “We have a solid strategy to use our Australian expertise and strong Indonesian partnerships to explore and develop these projects and identify and target new opportunities to feed on the growth markets of Asia. This strategic approach, supported by our existing cashflows from the Nadvara off take agreement, and extensive international financial network, puts Pan Asia in a good position to achieve its’ targets which will support significant re-ratings.”