IEC - Intra Energy Corporation

[System]

Intra Energy Corporation Limited (IEC) was formerly known as Atomic Resources Limited (ATQ).

http://www.intraenergycorp.com.au

Previous discussion of this company can be found in the ATQ thread: https://www.aussiestockforums.com/forums/showthread.php?t=7442

 

[springhill]

MC - $42m
SP - 17.5c
Shares - 242m
Options - 8.5m
Cash - $8.7m

Projects
Mbalawala (Tanzania) Ownership: 70%
Resources
Measured: 139mt
Indicated: 66mt
Inferred: 46mt

Songwe-Kiwira (Tanzania) Ownership: 70%
Resources
Measured: -
Indicated: 75mt
Inferred: 25mt


Tanzania Operations
- Sales of 15,869 tonnes and $1.25m cash received for the Quarter compared with 5,401 tonnes sold and $0.3m in the prior Quarter.
- Tancoal’s contracted Tanzanian customers are increasing volumes purchased. Customer trials in Uganda and Kenya and confirmed tonnage orders in Malawi, additional long term supply contracts are expected to be signed next Quarter.
- Production of 14,392 tonnes, 59,000 tonnes on hand at end of quarter and 65,000 tonnes exposed in pit at end of Quarter.
- No major capital expenditure in Quarter. Majority of capital expenditure programme completed in prior Quarter for Phase 1 production target of 30,000 tonnes per month. FY13 capital expenditure is fully funded from available cash.
- IEC’s second joint venture, Tanzacoal (Songwe-Kiwira), has completed planning for trial bulk sample.
- A coal laboratory was ordered during the Quarter for timely and efficient analysis for exploration and mine samples.

Exploration and Development
- A total of 349 holes for 6,491m drilled in the Mbalawala lease during the Quarter, completing the first phase drilling in the Ngaka Coalfield.
- Both rigs have mobilised to the Mbuyura-Mkapa lease area.
- The seam intersects at Mbalawala ranged up to 16.0 metres in thickness at shallow depths. The results of the first phase are being finalised to JORC standard and are expected to result in a substantial resource upgrade in the next Quarter.
- A small drilling programme and bulk sample will be carried out at Kabulo in the Tanzacoal (Songwe-Kiwira) mining lease in the next Quarter for mine pre-development and marketing purposes.
- Negotiations continued during the Quarter for additional mining areas in Tanzania and neighbouring countries. Exploration activities will commence in Laos in the next Quarter.
- Two low potential mineral tenements in northern Tanzania allowed to lapse.

Corporate
- 3,650,000 options expired in June 2012.
- Negotiations commenced for a Power Purchase Agreement (PPA) with the Tanzanian Generation Company, TANESCO, for a mine-mouth 150-200MW coal fired power station and the Government confirmed construction of a transmission system to Songea to increase electricity production.
- Negotiations have commenced with a financier to provide asset finance.