Pan Asia Corporation Ltd (ASX:PZC) is pleased to confirm that PT Transcoal Minergy ("TCM") has received official foreign owned company status from the Capital Investment Coordinating Board ("BKPM") in Indonesia by way of conversion to a PMA company (known locally in Indonesia as "Penanaman Modal Asing" or PMA) . This PMA approval is an important milestone that facilitates the planned incoming substantial foreign investment for the development of the project.
The Company is pleased with the progress it is making at its high CV TCM coal project , having just completed further drilling in the Northern area of the concession (results still pending, these results will be released to market when finalised) and is actively engaged with parties interested in participating in the development of the project.
CEO Alan Hopkins said "PMA status is another box ticked as we move to the development stage for our flagship TCM Project. It is very timely as we are now in discussions with parties interested in participating in the development of our project".