Asia Energy confident Govt approval forthcoming for start of ops at Phulbariadmin
Asia Energy PLC said it is waiting for formal approval to start mining the coal basin at Phulbari in Northwest Bangladesh after the mining company submitted its feasibility study to the government.
It said it is confident approval will be forthcoming.
The AIM-listed company’s primary activity is the development of the coal basin at Phulbari into a world-class open pit coal mine.
It said it remains on track to invest 1.1 bln usd, before finance costs, to reach full production of 15 mln saleable tonnes of coal a year.
The company also said it is convening an extraordinary general meeting to get permission to issue up to 100 mln shares, valued at about 600 mln usd at today’s prices.
It still expects the Phulbari project to be funded by a mix of debt and equity. No formal decision has yet been reached on the amount of debt and equity to be raised or the way in which the project will be financed. It said discussions have taken place with a number of interested parties and potential lenders.
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