25 May 2012

Kalimantan Gold on the lookout

13/05/2011 Robert Tyerman

Faldi Ismail, the new chief executive of Kalimantan Gold, is investigating possible new projects for the company, following a premium-priced £200,000 share placing with America’s Freeport McMoRan, a leading world copper producer and partner with Kalimantan in its KSK copper project in Indonesia.

Drilling is soon to start at several prospects within the KSK project, where recent results have shown copper grades ranging from 0.26 per cent to an encouraging 2.6 per cent.

Domiciled in Canada and quoted on the Toronto Venture Exchange as well as AIM, the company’s deal with Freeport requires the mining giant to spend £4.4 million over three years for 51 per cent of the project and then to fund a bankable feasibility study to take its stake to 75 per cent.

Elsewhere in Indonesia’s Kalimantan region, it also has a joint venture with Australia’s Tigers Realm Minerals on the Jelai gold project, where drilling has uncovered some small rich veins, with grades ranging from 16 grammes of gold per tonne of ore to 62 grammes per tonne.

Tigers Realm must spend £3.8 million for 70 per cent of Jelai and must then fund a bankable feasibility study or become a mere royalty holder. Ismail, from Perth in Western Australia, who has taken over from his entrepreneurial Irish-Australian predecessor Rahman Connelly, is also hoping that Kalimantan Gold can bring in a respectable chunk of money by selling its low-calorie thermal coal interests in the area, potentially containing between 270 million and 540 million tonnes.  

Kalimantan Gold shares have been dire performers since trading at nearly 20p in 2007. They are now 5.88p, having swung between 2.1p and 8.13p over the past year.

If Ismail looks like maximising value for the company’s current projects and finding some attractive new ones, they could prove a worthwhile speculation

Companies: Kalimantan Gold

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