Asia Energy PLC
17 August 2005
Asia Energy submits Environmental Impact Assessment for its Phulbari Coal
Project to initiate final approval process for the mine
Asia Energy Corporation (Bangladesh) Pty Ltd, the wholly owned subsidiary of
London-based Asia Energy PLC, has formally submitted the Environmental Impact
Assessment ('EIA') for its Phulbari Coal Project, initiating the final approval
process for the mine with the Government of Bangladesh ('GoB').
The EIA is one of the key documents to be delivered to the GoB for the final
approval to begin mining the Phulbari coal deposit. The EIA sets out in detail
how the social and environmental impacts of the proposed open pit mine will be
carefully managed and minimised in accordance with the highest national and
international standards.
'The EIA represents the culmination of some of the most extensive research
carried out on any project in Bangladesh,' said Gary Lye, Asia Energy's CEO
Bangladesh. 'It is thorough and comprehensive, and it underlines our commitment
to ensuring that we look after both the people in the affected area and their
environment.'
The EIA details the open pit mining process and demonstrates how people will be
progressively re-settled and compensated over the 30-year life of the mine, how
livelihoods will be enhanced through training and new job opportunities, and
houses and infrastructure re-located and re-built. It details how plentiful
water supplies will be maintained for both housing and farming, bio-diversity
protected, and how the mined land will be progressively rehabilitated. It also
explains that Asia Energy will establish a Development Fund to promote jobs and
assistance programmes.
Copies of the five volume EIA totalling 2,490 pages - the product of 18 months'
field research by some 300 international and local experts working for more than
20 companies and institutions - were handed to the regional office of the
Department of Environment (DoE) in Bogra, the centre responsible for the
Phulbari area, and to the DoE's principal office in the capital Dhaka.
The EIA is the second of a two-stage environmental approval process for Asia
Energy to develop an open cut mine at Phulbari where exploratory drilling has
established a resource of 572 million tonnes of high quality coal suitable for
both steel and power generation industries. Environmental Site Clearance for the
Project, which was granted in March 2005 after submission of an Initial
Environmental Examination, completed the first phase.
'The EIA is another important milestone towards the successful development of
the Phulbari Coal Project,' said David Lenigas, Joint MD Asia Energy PLC. 'We
will be following up in September with the submission to the Government of a
Scheme of Development detailing the mining aspects of the Project. The details
within the EIA and the Scheme of Development will together provide the necessary
core information required for the production of the Banking Information
Memorandum. This document will be used by the Company and its bankers Barclays
Capital to finance this exciting project.'
At full production the Phulbari mine will produce 15 million tonnes of coal a
year. Mine Development is currently planned to begin in 2006. First coal is
currently scheduled some time in 2008 depending on the final development and
mining schedule adopted.
ENQUIRIES:
Michael Frayne, Joint Managing Director Justine Howarth, Cathy Malins
michael.frayne@asia-energy.com Parkgreen Communications
David Lenigas, Joint Managing Director Tel: +44 (0) 20 7493 3713
david.lenigas@asia-energy.com justine.howarth@parkgreenmedia.com
Asia Energy PLC cathy.malins@parkgreenmedia.com
Tel: +44 (0) 20 7079 1798, Fax: +44 (0) 20
7491 2758
info@asia-energy.com; www.asia-energy.com
This information is provided by RNS
The company news service from the London Stock Exchange
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