Jade's president in Indonesia for coal mine updates

Jade Technologies Holdings said its group president, Sam Chong Keen, is in West Sumatra, Indonesia to obtain updates and supervise the progress of the coal mining project.

It said the board wants to assure shareholders that the company has obtained 'the necessary and relevant regulatory permits and licenses for the Coal Mining Project.'

Jade reiterated that as part of its due diligence exercise, it had commissioned Jones Lang Lasalle Sallmanns Ltd (JLLS) to undertake an inspection of the coalmine, make investigationand analysis to determine an opinion of the fair value of the mining rights to the coal mine held by its local Indonesian partner for the Coal Mining Project, PT Dasacita Pusaka Prima.

According to the valuation report prepared by JLLS, the coal reserves at the coal mine were valued at US$1.033 billion.

Jade added that it had also instructed its legal adviser for the coal project, Lovells Lee & Lee, to conduct a legal due diligence exercise on the regulatory permits and licenses
'As previously announced, the group has obtained the necessary and relevant regulatory permits and licenses, completed exploratory surveys, set up abase camp and has an experienced team on site,' it said.

It said various officers of Jade's new management, including Mr Sam,, and Acting Chairman and Executive Director, Chong Hon Leong, have also visited the coal mine. -- BT Newsroom.