The Co announced today that coal will be the major new focus for Paramount Mining Corp Limited.
The Co will reposition itself in the energy sector as it builds a portfolio of high quality coal assets in Indonesia.
A number of strategically located coal projects in Indonesia are currently being assessed, and the Co intends to acquire several of these over the next few months.
Several of these projects are expected to have near term cashflow potential. At an appropriate point, the Board will be restructured to include relevant experience to support the development and marketing of these projects.
While the new focus will be coal, the Co will retain a diamond portfolio. A new name, Paramount Coal and Power Limited, is proposed for the Company, subject to shareholder approval.