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MENAFN - ProactiveInvestors - Australia - 29/11/2012

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(MENAFN - ProactiveInvestors - Australia) Intra Energy Corporation (ASX: IEC) is extracting a 2,000 to 3,000 tonne sample from its second major coal resource in Tanzania for suitability testing by domestic industrial users.

The bulk sample is being extracted from the Tanzacoal Mining Licence for detailed analytical and combustion testing, with the coal having shown suitability for industrial use and power generation.

Tanzacoal is situated in the Songwe-Kiwira Coalfield, south of Mbeya in central west Tanzania.

Intra Energy holds a mining licence and three adjoining prospecting licences in this area.

Tanzacoal East Africa Mining, an incorporated joint venture between Intra Energy and Olympic Exploration, previously defined a JORC resource of 100 million tonnes for the Kabulo deposit.

Intra Energy is concurrently updating and renewing the Environmental Impact Assessment to allow mining operations to proceed.

The company envisages an initial 150,000 tonne per annum operation supplying industrial users in Tanzania and the region.

Intra Energy is also in discussions regarding a power station development in the Mbeya region.

The company is looking to develop the first baseload 120 megawatt power plant in Tanzania. A Power Purchase Agreement is currently under negotiation.


African energy growth

Africa is the fastest growing continent in the world in GDP growth and is expected to remain so for at least the next decade.

The continent needs energy to support growth, industrialisation and urbanisation and is developing from a low base.

Eastern Africa in particular has a pressing demand for power and need to develop energy resources.

Intra Energy currently has a Tanzanian resource base of 523 million tonnes and is working to grow this.

Since 2011 the company has developed the Tancoal mine supplying coal to industrial customers in Tanzania, Kenya, Uganda and Malawi.

Intra Energy is on track to exceed stage one development of 30,000 tonnes per month by the 2014 financial year and stage two of supplying coal to power plants by the 2015/2016 financial year.

The company remains well funded with cash on hand of A6.1 million at the end of September.

 






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