South East Asia Resources Secure Funding For PT PAR Coking Coal Project

JAKARTA (Scrap Monster): ASX listed company South East Asia Resources has got funding of about USD 1 million from Wide Bay Limited for continuing the production at its PT PAR coking coal product, located in East Kalimantan, Indonesia.

Wide Bay Limited is giving the fund on the basis of interest free over three tranches until18^th July. In return, Wide Bay will be allowed for a 50 percent of the total profit gained by the coal production and sale from PT PAR project.

The secured amount will be returned within 26 weeks from the drawdown of first tranche or the funding amount can be converted to new issue ordinary share in SXI at $0.017. The SXI has got the IUP Production Licensing for the coking coal project and has got the needed facilities in place for an immediate mining operation, mining equipments, haul road, camp and crush facilities for processing.

It also took over the contract of mining, mining equipment and work force and at present controlling all mining and civil works there. It has also finished preliminary agreements for the next coal concession, which will offer continued production on completion of mining operation from PT PAR coking coal project site.