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INTRA ENERGY CORPORATION LIMITED

ASX: IEC

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Intra Energy Corporation Ltd is an Australian-based exploration and resource development company with major thermal coal assets in Tanzania. Our operating arm in Tanzania is Tancoal Energy Limited, which was formed by a Joint Venture between Intra Energy Corporation Ltd and the National Development Corporation of Tanzania (NDC).

The Company's vision is to, "become a leader in the development and operation of coal assets to provide energy security solutions and create wealth for its shareholders".

The Company's major focus will be the development and early coal production from the Ngaka Coalfield in Tanzania. It is planned to commence production in 2011 to supply domestic markets as its Stage One operation.

The Company will geographically expand its coal base in Africa to ASEAN nations and Australia to create opportunities for related power generation and merchant electricity export as well as domestic and export trade supply. This is considered strategic in providing additional profit growth by relating coal production to electricity generation.

The Company has a preference for open-cut mining but will accept underground mine development when associated with open-cut. It will consider a range of exploration targets and is forming partnerships with organisations judged to be leaders in geological excellence capable of providing known and potential coal resources for development. The preferred acquisition methodology is by farm-in arrangement for early stage development and joint venture or direct purchase for advanced projects with defined JORC resources. Power generation and utilisation opportunities will involve consortium formation in which the Company will seek an equity position.

Tanzanian Projects

There is significant opportunity in Tanzania for domestic coal producers to play an important role in supplying fuel for power generation. Currently, most coal is imported and lands in Tanzania at a relatively high cost. Companies that have strategically located, good quality thermal coal resources that can overcome the limited infrastructure hurdles and obtain long term stable offtake agreements, will have a competitive edge.

Intra Energy Corporation’s flagship coal project in Tanzania is the Mbalawala mine in the Ngaka basin. The Mbalawala Bankable Feasibility Study completed in September 2010 shows the Mbalawala mine has a mineable reserve of 40 million tonnes of coal and a resource of 251 million tonnes.

Intra Energy are commencing small scale mining (initially at 150,000tpa in 2011) at Mbalawala in May 2011 with first coal shipments scheduled for June – July 2011.

Intra Energy has also recently entered into agreements to acquire coal leases in the Songwe-Kiwira Coalfield, which lies just to the north of Lake Nyasa in southwest Tanzania. There is potential for outlining significant resources of open cut and underground thermal coal, which could substantially increase the Company’s current resources in Tanzania.

ASEAN projects

Intra Energy has entered into a joint venture agreement with Indochina Coal Pty Ltd (Indochina) to explore and develop coal properties in Laos and Vietnam.

Indochina is a privately held Australian company, which for several years has been researching and identifying early stage coal opportunities in Indochina and South East Asia through regional evaluations and reconnaissance. The Principals of Indochina include highly respected resource geologists with many years of successful coal exploration experience in Indochina and South East Asia, much of this in the early stage identification of opportunities.

The group has now compiled a significant database on regional ASEAN coal occurrences, completed initial field work in prospective areas, and prioritised exploration opportunities. Two prospective areas in Laos, and two areas in Vietnam, currently not under tenure, have been identified and the Company will make applications for Prospecting and Exploration Licences.

Australian Projects

Intra Energy has a number of tenements in Western Australia which are prospective for uranium, some of which are operated in joint ventures with our partners. As Intra Energy has shifted its focus towards coal, the Company is currently evaluating the strategic direction and value of these tenements.

Mine For

coal

Location of operation(s)

Tanzania, Laos, Vietnam, Western Australia

Address

Suite 2001, Level 20, Australia Square, 264 George Street
SYDNEY, NSW, Australia

Phone

(02) 9252 5766

Email

Website


Last Updated

10/5/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.