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Statement of Open Cut Coal
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at 31 September 2013
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Document Control Sheet
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R.iod {.lr. l)!to
( Statement of Open Cut Coal Reources and coal Resewes as at 3l Mardl 201 3 May 2014

( ReDod tlo. Rovl.lon No

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Prepared Byi
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Muhammad Yusuf
Manager Geology

Maneger Mining
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( Reviewed By Erian Baumhammer Senior Menag€r A*.JF-r 7(/e

( Approv€d By Micha€lTrainor Pr€sident Drector 4/2' f/a/-
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Run ge Pi ncock l\,1 inarco
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(
IMPORTANT INFORMATION ABOUT THIS DOCUMENT
( 1. Our Client
This report has be€n pfoduced by or on behalf of PT RungePincockllinarco Indonesia ("RP[.,]') solely for
( PT. lrofatama EneEr, {"lhe Client")

( 2 Client Use
The Client's use and disclosure of this report is subiect to the terms and condit;ons under which RPM
( prcpared the report

( 3. Notice to Third Padies

RPI\4 prepared this report for the Client only lf you are not the Client:
( . RPIV has prepared this repoft havrng regard to the particular n€eds and interosts ot the Client, and in
accordance with the Client's instructions. lt did not draR this report having regard to any other person's
( particular needs or interests Your needs and interests may be distinctly different to the Clienfs needs
and inlerests, and the repori may not be suffici€nl, fit or appropriate foryour purposes.
( . RPM does not mak€ and expressly disclaims from making any representation or weranty to yolr
express or implied - regarding this report or the conclusions or opinions set out in thrs report (inctuding
-
( withoul hmitation any representation or waranty regarding the standard of c€re us€d rn preparing this
repoft, or that any forward-looktng statements, forecasts, opinions or projections contained in the report
( will be achrevod, will prove to be corect or afe based on reasonable assumptions).
( . RPIV expressly disclaims 6ny liabrlity to you and any duty of care to you
. RPI\I does not authonso you to rely on this report. lf you choose to use or rely on atl or part of this report,
( then any loss or damago you may suffer in so doing is at your sole and exclusive risk.

(
4 Inputs. subsequent changes and no duty to update
. RPM has created this report using data and information provided by or on behalf of the Client land
( Client's agents and contractorsl. Unless speciflcally stated otherwise, RPM has not ndependently
verified that data and information RPIVI accepts no liability fof the accuracy or completeness of that data
( and infomation, even if that data and information has b€en incorporated into or relied upon in creating
this feport (or parts of it).
( . The conclusions and opinions contained in this report apply as at the date of the repoft Events
(including changes to any of lhe data and information that RPIV used in prepadng the report) mey have
occured sinc€ that date which may impact on those conctusions and opinions and make lhem
unreliable RPIM is under no duty to update the report upon the occurrence of any such event, though it
( resetues the right to do so

(
5. lvlining Unknown Factors
The ability of any person to achieve forward-looking production and €conomic targets is depondeot on
( numerous tactors lh€t are b€yond RPM'S control and that RPIV cannot anticipate These factors nctud€,
but are not limited to, site-specific mining and geological conditions, man€gement and personnel
crpabilities, availability of funding to properly operate and c€pitalizE lhe operation, variations in cost
€lements and market conditons, developing and operatrng the mine in an efficient hanner, unforeseen
changes in legislation and n6w industry developments Any of th€se factoF may substanhally atter the
; pedormance of any minlng operation.

(
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( PT Arb U*h. A.hagi. Sr.ls€nl ol Op.4 Cu Ci.l R@reL ond C€l R@re6 6s d 31 llaah 2013
Runoe Pincock Minarco
(

( EXECUTIVE SUMIIIARY
PT RungePincockMinarco, ("RPM"), was commissioned by PT Mofatama Energi, ("ME" or "Clienf), to
( pr€par€ an ind€p€nd€nt estimate, (hereafter, refen€d to as th€ 'Stat€mont'), of the Op€n Cut Coal
Resourc€s and Coal Reserv€s of the PT Arta Usaha Bahagia coal mining conc€ssion, (the 'Projecf),
(. localed in Norlh Barito Regency, Central Kalimantan, Indon€sra The Statement r€ports th€ Coal Resourcss
and Coal ReseNes as at 3'1 September 2O13 and has be€n undertaken in compliance with the requirements
( of the reporting guidolines of the 2012 Joint Ore Resetues Commitlee of The Auslralasian lnstilute of Mining
and Metallurgy, Australian Institute of Geoscientists and Nlinerals Council of Auslralia, ('The JORC Code').
( The key findings from thig Stalement are summadsed below.

( . The mining concession covers an arca ol 3,211 Ha, granted in February 2010 tor a period of 20
years
( . The Geology is gently dipping but complex in lh€ s€am splits, with up to 35 coal seams with
numerolrs splits and sub-splits having been identm€d in th€ d€posit th€ assocjated average s€am
( lhicknesses ranging frofi 0-'1 m to 2 '1 m.

(
. The portions of the deposit have be€n subject to semi{etailed open hole ddlling at an €verage
spacing of 400 metres with a nuhb€r of cored holes The database is considered to be of a suitable
standard for JORC Code comoliant estimation of Coal Resources
(
. Coal Resource quantities were estimated from the geologicat modet pr€pared by RPM g€ologists
( bos€d on drjll hole data to end August 2013 The Coal Resources were estimated to total 107 million
tonnes, ("Mf ), as summarised in Tabl€ ES.1-1 below. (Note: total estimates have been rounded to
tefloct accuEcv).
(
Table ES.t-l Coal Regourceg Summary
(
Coal R6ources (Mt) TM% Ash % TS% CV KcallKg
( Area / Block
hdicaied lnten€d Total adb adb sar
( iloa3ured & lndicatsd Coal R$ource8
AUB 15 60 35.8 75 0.29 4,095
( 0

( Inf€r.ed Coal Resourc€s

AUB 0 0 32 35.6 72 048 4,110
(
( TdaUAv6rage t5 60 107 35.E 7.1 0.35 4,100

( . The related ASi, and AIP concessrcns have been operating since 2010 and curently produces
approximately 'l 4 Mtpa of thermal coal product
(
The mining method is multi s6am, moderate to st€eply dipping, op€n cut coal mining In a haulback
( configuration-
Run of Mine, ("RON,|"), c.al rs hauled 37 km to the port site on the Barito Riv€r wh6re lt is crusled
( stockpiled and loaded onto barges_

( The product coal is barged around 280 km to a iranshipment point at th€ moulh of lhe Banto River
whore I is loaded onto vessels for export and domestic sales_
( Co€l Reserves w6re estimated by applying mining f€ctors and exclusion criteria to the Coal
Resources The mining faclors, (such as recovery and drlution), were s€lected for the proposed open
( cul mining method and were based on those normally expected frcm an experienced minmg
operator under poper pit suporvision and review.
( A Life of l\rine, ("LOM") plan was dev€lopod by RPI!|, and used to support the Coat Res€rve
eslimate, an economic evaluation has beon pr€par€d resulting a positive NPV
(
Operalional unit costs were provided by ME, r€viewed by Runge and where considered nocessary
appropnate adjushfients were made
(
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A Run seP ncaekMinatm Ln)ted
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( PT ArE U*ha B.hagi. Srarn€nr of Op€ an Coal RdE6 and c6.l Ree@s aE at 31 irbrdr zlr3
Runoe Pincock Minarco
(
A long term benchmark coal pdce of $90.00 per tonne (based on 6,322 kcal/kg, gar) was adopted,
( wilh a quality discount based on the Indonesian Co€l Index, ('HBA').
Coal quantiti€s were evaluated so that only Measured and lndicated Coal Resources, within pit
( areas inside concession boundaries were classified a9 Coal Reserv€s The Coal Reserve €slimate
was based on in situ moisturo and in situ Rolative Dgnsity
(
The Coal Reserves wefe oslimat€d lo total 32 fult at an averag€ strip ratio of 6I bcm/t, as shown in
( Table ES.'1.2 (Note: estimates have b€€n round€d lo reflecl accuracy)
Th€ Coal R€serves hav€ been classitied based on the level of detailcompleted in the mine planning
( anct lhe level of confidence in the Coel Resources On this basis the maiontv of Co6l Reserves are
consider€d as Prcbable status-
(
Egi@ase
(
Table ES.1.2 Coal Reserues Summary

Coal Reserves (Mt) f % tuh v' TS% RD CV kcalftg

Block
Proven Probable total ta4 (a4 (arJ ta4 €ar)

Total/Average 8 A 32 o,21 1,27 4,030

There are a number of tecinical, marketing, planning and statutory issues which may impacl on the stated
Coal Reserves These include:

. finalisation of land compensalion and purchases:

. furthef geotechnrcal studios:
. further explomtion drilling (including coal quality conng), particularly within the potential lvlineable Pit
shells and prcject lease area;
. revisions lo lhe LOIV Plan;
. changes in regulatory roquircments:
. cfianges in the Clients marketing strategy; and
. changes to the key economic factors such as coal price, fuel, etc.-
The Coal Resource estimates in the rcport werc estimaled by Mr Oki Wijayanto, BSc (Geology) who is a
Member of th€ Auslralasian Inshtute of Mining and [4etallurgy The estimat€s ar€ based on infonnation
compiled and reviewed by RPM geologist under the superviston by fulr Oki Wjayanto He is a full time
employee of RPM and has suffcient experience which is relevant to the style and type of deposit under
consideration and to the actjvity undertakBn to qualify him as a Compelent Person as defined in lhe 2012
Edition of the JORC Code

The Coal Reserve esDmates in the report were estimated by lrr E Brian Baumhammer BE (l,lining Hons),
MAusll\,,|M, a M€mbor of the Auslralasian Institute of lrining and Metallurgy. Tho estimatos are based on
irformation compiled and f€viewod by RPIV €ngineers und€r th€ superyrsion of IVr Baumhamm€r He is a full
time €mployee of RPM and has suffcient experienco whtch rs reievant to the style and type of deposit under
consideration and to the activity undertaken to qualrfy him as a Competent Person as defined in the 2012
Edition of the JORC Code

This reporl may only be prcsented in ils entirety Parties wishing to publish of edit selected parts of the text,
or use the Slatem€nt for public reporting, must obtain prior written approvaltrom RPI\4 and the signatories of
this report

(
(
( I ADV-JA-@71 I ADV-JA43473_l/blhama En{gLJORC_VelfiEl D@x I May2O14 |
n,. rcpatt t. sbJect ta the .liscte)ne' @ntaine.t an pase (rl af thts drcunenl

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 PT Arb Ljsah€ A.F€gi. Sialehs orOp€n qr Co€l R6@r€and CoatRosresa..t31firarch2ot3
Runge Pincock Minarco

Table of Contents

IfhtsADV-JA@71 | ADVJA4€AE_l/bkama EneELJORc_VerfEt D€x | [i€y2014 |

t. sob)ed
terott to the dsctatnet eonla'ne.l an paqe tt ot thrs dacuneht
 PT Arts Us.h. S.has'r Srrom€d ol Opd Cut Coat R6d@b and C@t R€slw .. .r J1 rlt.th 2t!t 3
Runoe Pincock Minarco

List of Tables
Table ES.l-l CoalR*ources Summary. _.. ....
Table ES.l-2 Coal ReservesSummary. .. . ..rv
Table 3-'l l4ining Concessions ......- .............. ... 6
Table+1 Seam Nomenclaturo .. iO
Table 4-2 Seam Thickness . .. .- -- .- --. . . .. 15 _

T€ble 4-3 Average Interburd€n Thickness -_ ....... 17

Table 4-4 Drilling Statrstics . . . . ... 1A
Table 4-5 Geologic€l lrodel Param€lers . . ._.. .. . . . 19
_

Table 4€ Average Coal Oualrties by Seam .......... ... . ......... ... .....20
Table 4-7 Points of ObseNalion. .-.... .. .. .... .... 22
Tabl€ 4-B Coal Resourco Categorisation Parameters 23
Table 4-9 Coal Resources .. _. . . _ .- . .24
Table4-10 CoalResources by Soam . ... . .... . ... .. . 24
Tabl€ 4-11 Laboratory St€nderds . . ... ... 26
Table 5-1 Exisling ContractualCoal Specification _. __ .. . .. .__ . . ..30
Table 5-2 Key Parameters Mtnoable Pitshell. .... .. .... ... ...... 30
Table 5-3 TotalOpen CutooalReserves by S€am .............. ._ .. .............. ......33

List of Figures
Figure'1-1 General relationship between Exploration Results, Mineral Resources and Ore Ros€rves .. .. 2
Figure 3-1 Generalsite Location .. 7
Figure 3-2 Leas€ Area and Site Layout. I
Figure 4-1 Drill Hole Loc€lion - AUB Block 09 . . 12
Figure 4-2 General Straligraphy - AUB Block 09 . .. . .. .. 13
Figure 4-3 Typical Cross Section - AUB Block 09. . ... ..... ..14
Figure 44 CoalResource Limits -Seam l\, .....-_.. ...._,....27
Figure 5-1 Praclic€l Pil Shell .. .. - ._ . 31
Figure 5-2 Coal Reserve L'mrts - Seam A2 ...34

List of Graohs
No table otfigur€ entdes found.

List of Appendices
Appendix A - JORC Code2012,Iable 1

Appendlx B - Geological D€tabase

App€ndix C - Geology Plans
Apoendix D - Coal Resource Limits
Aopendix E - Coal Resetue Limits

I ADV-JA03A71 I AClVJA4gil_MolbtEma Eneei_JORC_V€ffimt D@x I tlt y2o1a I

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(

(
1, INTRODUCTION
(
1.1 General
(
PT Rung€PincockMinsrco ("RPM"), was commissioned by PT Mofatama En€rgi, ("ME or "Clienf),
to prepare an independent eslimate, hereafter, referred to as the "Stetement", of the ODen Cut Coal
(
Resources and Coal Reserv€s of the PT Artha usaha Bahagie coal mining concessions (the
"Pmjecf). The Statement reports the Coal Resources and Coal Reserves as at 30 September 2013
( and has be6n unden6k6n in compliance with the roquirements of lhe reporting guidelines of the
2012 Joint Ore Reserves Committoe of The Austratasian Institute of Mining and Meta urgy,
( Australian Institute of Geosciehtists and Minerals Council of Australia, ("The JORC Code')

( Thefollowing terms have boen adopted for the reporting of Coal Resources and Coal Reserves

( . Coa, R€soa.rtces as used Ih this report are the sahe as "Mineral Resource" in The JORC Code
and "Geologlcal Resources', a commoh term used in the indu6try.
( . Co{t Rosou/ces heve b€6n subdividod into l,eesurgal, lnalicatod anat rntangd Resor/c€s to
r€flect lhe confidenc€ in lhe underlying resourc€ data.
( . Coa, Resewes as used in this rcport are the same as "Ore Reserves' in The JORC Code and
( 'Mining Reserves", a common term used in the industry. Coal Reserves include geological€nd
mining losses, roof and ffoor loss and dilution

{ . Coal Resqv€s have been subdivided into Paoved aad Prob€bb tq reflect the conlidence in
the underlying r€source data and mine planning detail.
( . h*eFbte Coa, Reseryes allow for practicat yields in a benefciation ptant, which is
commohly khown In the industry as "product coal" The coal wttt hot require washing, lherefore
( Malketable Coal Res€rves alg equal to Coal R€sen/€s.
. Coa, Resources are reported !!g!ggi!g of Coal Resetues, (that is, Coat Reserves are not
t !!g!!19!gl to Coal Rqsources).
( Addilional terminology applied within thjs report includes th€ foltowing
( . Geological Moalet, (or'ln Situ' Model), is the computerised three dimensional representation
of the coal deposit bas6d on topographic survey data, coal se€m data derived from outcrop,
( drill hole or other data points, including coal thickness and quality.

( . Optirrrkea is the Minex software applled to the geologic€l mod€l to determina the oconomic pit
limits by the €pplication of such faotors as geotogic€t €nd mining losses, loss and ditution,
geotechnical slope design and cosvrevenue inputs.
(
. Optlmlsed Pit Sre/ is the three dimenstonat economic pit timf d€t€rmined using the
( Ootimiser
. Mineable Pit Shdl is the optrmis€d pit shell after modmc€fion to confom to a practicat pit
( oesrgn.

( . Mln.tbte th Stht Coal (non-JORC teminotogy), as used in this t€pon is in situ coat within th6
mineable pit shell
( . Run ot Mine (ROM) Coal, (non-JORC terminology), as used in this report rs coal in ths
mineable pit shell afr€r application of g€ological and mining loss6s, roof and floor loss and
( dilution. ROM Coal may include some Infered Coal Rosources.

( 1.2 Approach
The process odopted Ior the Projecl is describ€d below.
(
1. An "in siiu" geological model was updated using fulincom soft\'are. This mod6l had no cut oF
( cnt€ria applied to th€ coal s66ms and pli€s, hence the l6rm "in situ' model

( I AD /JAsa73 | AOvJA43073_[bf.t€m€ Enqgi_JoRC-v.dEl D6x I rdayml4 |

fhist rddEehtedt the dtsctainot @nteihed d pase (t) afthts dacunent.
o RnsePhcockMinarco Liht.d
('

(,
(
(
pr,1r' ueha B.r'si. sr.rh.nr or op.n cur coarReou.*.nd c6r R*G d.r 31 March 2or3 Runge Pincock M in a rco
(
( 2. This mod€l and underlying data, borehol€ logs, coal quality reports and geophysic€l logs were
compiled and reviewed by RPM geologrgt under supervision by lllr OkiWijayanto
(
3. Prelimimry categonsatron of th€ coal seams in the geotogical modet into l\reasured, Indicatod
and Infened confidenc€ areas was based on geological confdence Previous estimates of coal
(
volumes, tonnages and qualities wer€ reviewed and reported in these categories aft€r applying
any cLrt-off cdteria
(
4. The Mincom model was then imported into l\rinex software The reason for this step was to
( allow mine planning sofrware (tho "Optimise/) to be run.
5. Cross sectjons, plans ancl doposit charactedstics such as structure, number, and thickness of
( the s6ams wore examined in conjunction with the proposed equipment and mining method to
clecde on minimum mining thickness, coal losses and dilution factors. These factors and the
( Preston-S€nders density conversion were then used to convert the In situ geological modets to
a ROM model.
( 6. Reason6bl6 costs and revenue factors were applied. These were input to the Optirhiser
softwar€ and together with othea criteria such as depth conshaints, geotechnicat critena and
( minimum mining thickness, a series of pil shells were dedved for varying rev€nue nputs_

( 7. Pit shells, ("Optimised Pit Shells"), were selected and adjustrnent6 mad€, as necessary, to form
p€ctical pit designs, ('[,4ineable Pit Shells"). These pit shells formed the basis of the
subsequent Coal Reserves estrmat€s
(
8 The prelimrnary Measuaed, Indicated and Infen€d confidence limits were overiaid on thes€ pit
( shells. The Measured and lndicated confidence limits were reviewed based on the economic
results from the Optimiser and det€rmined to be appropriato. Any Infened lonnes were
(
excluded frcrn the ostimate. The estimation of the reserye quanlity and reseNe c€legory
revielved the mining practise of th6 associatsd and related companios and their contractors.
( The operation hes an €ppropnat€ target production level for the thrckness opf coal and th6
current equipment was obseNed lo have produced a well supeNised effort to achieve boith coal
recovery and minimi6ed clilution to the se€m during lhe mining process-
(
The Coal Reserves werE categorised as Proved or Probabte based on lhe Coal Rosource
confdence and the levelof detailin the mine planning, operational pit history and confidence in
the modif ying parameters
( 10. Checks were undertaken and resulls and supporting information documented in this report.

( The JORC Code .framework fof classifying tonnage and grade eslimates to reflect different levels of
geologrcal confid€nc€ and different degrees of technical and economic evaluation" apptied in the
( estrmation of the Coal Resources and Coal Reserves is shown in Figure l-1

( FiguE t-1 Genenl Relationship belw€en ErploEtion R6utt3, Mineral ResourDes and Ore R6s6rv€g

,
(
(

(
(

( r4dd|@tr
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a Rn sePnc a ckMnano Lr ntetl
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pr arb Lh.r' B6rEsia st.lh.nr dop.n cur c@r RGdB..nd cer Fr.ec as.r 31 t,hd, 2013 RU nge PinCOCk Mina fCO
(
( (Sourcer 2012 JORC Code)

(
( 1.3 Relevant Repoi and Studles

C
The following repons, documents and studi€s w€re used as ref€rence material in the preparation d
the Statement.
( 1. Preston, KB and Sanders, RH, 'Estirnating the In-Silu Relative Density of Coal', Australian Coal
G6ology, Vol. 9, pp22-26, lray 1993.
(
2 Ausbalian Guidelinos for Estimating and R€porting of Inventory Co€l, Coal Resources and Coal
( Reservos, 2003
3. Aust€lesian Code fof Reporting of Exploralion Results, Ivineral Resources and Or€ Res€wes,
( Oh€ JORC Code- 2012 Edition), 2012.

( 4 Technical Review ofAUB ADV-JA03873

( 1.1 Purpose otthis Report

( Th€ purpose of th€ report is to pmvide an objec{ive €ssessment of Coal Resources and Coal
Reserveg that are compliant with the Australasian Cod9 for Reporting of Exptoration Results,
( I\rineral Resources and Ore Res€ryes. December 2012, Cfhe JORC Code), which is the minimum
standad required for the public reporting of Mineral Resources and Ore Reserves by compani€s
( list€d on th6 Austr8lian Stock Exchango This docum€nt €lso conforms to th€ Australien Guidelin€s
forEstimating and Reporting of Inventory Coat, Coal Resources and Coal Reserves (2003).
(
(
(

(
(
(
(
(.

(
(
(
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( I AO'/JA@73 | ADVJA{EaB-irohbm. Enid_JORC_V.rfdl oox I tby2o1/t I
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11 RhgoPimtkMnarco t:nled
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(
( 2. COIPEIENT PERSOI{S STATEI{ENTS
( The Informalion in the report, to which lhis statement is attached, lhat relatos to the Coal Resources
of the PT Arlha Useha Behegie Coel Proj€ct, is based on informaton compiled and reviewed by
RPIVI geologist6 under th€ supervision of Mr Okl Wliayanto, who is a Member ol lhe Australasian
( Instilute ofMinlng and Meiallurgy and works fulllime for RPM

( Mr Okr Wi8yanto |s a qualilied Geologist who has 11 year6 ol relevent mining and g€ological
expe ence in coal, working for major minrng companies and as a consultiant Duaing lhis tim€ Mr
( OkiWijayanto has either managed or contributed signific€nlly lo num€rous mining sludies relat€d to
the eslimation, assessment, evalualion and economc extraction of coal in Indonesia. Mr W{ayanto
( has 6ufficient experience which is relevant to the style and type of deposit under consideration and
to the aciivily he is undortaking to qualify Mr Oki Wijayanto as a Conpetent Person as defined in
the 2012 Edition of the Austraiasian Code for Reporting of Exploralion R6sulls, Minerel R€sources
( and Ore Reserves,

( Mr Oki Wija)|anto i6 not aware of any potenlial for a conflict of int€rost in relation to this wo* for the
Ctienl
(
( a.
(
OKI WIJAYANTO BSC (GEOLOGI), MAuslMM
(
The estimates of Coal Resources pres€nted in this Stalement have been caried out in a@ordance
( wlththe Australasian code for Reporting of Exploration Results, Mineral Resources 6nd Ore
Reserves' lDecember, 2012)

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PT Ma lJr.na 8.h46 Silrfl.rr ol oFn cur caor Re$G3 .nd d 3t M,rd' 201t

(
The information in the report, to which this stalemenl i5 athch€d, thal relat€s to the Co6l ReseNes
C of th€ PT Artha usaha Bahagia CoalProiect, i6 based on informalion compiled and reviewed by Mr
E. Bdan Baumhammer, who is a I ember of lhe AuslralasBn Institule of Mining and Metallurgy
( and is a lull time €mployee of RPM

c Bdan Baumhammer has more lhan 25 ye€rs' expenence in the minang industry in bolh conlracl and
own€r op€tated prcjects and has b€€n involved In the mining industly in Indonesia for over I years,
C He has sufficient experlence which is relevant to the slyle of mine6liz€tion €nd types of coal
deposits under conslderation, and to the activity he is undedaking, to qualify him as a Competent
Person (as defined n the 2012 Edition of the Australasian Code for Reporling ol Exploration
( Results. lvinetal Resources and 016 Reserves)
( l\rr E Brian Baumhammer is not awar€ ot any potenllal for a conflrct of interest in relalion to this
wo.k for the Client
(
( '^.lzt<<<<S-
( E. BRIAN BAUMHAMiIER AE (Mining Hons), MAUSIMM
The estimates of Coel Reserves presenled in lhis statement have been carried out in accordance
(, wth the 'Auskal6si6n Code for Reporting of Exploralion Resuhs, I\rineral Resourc€s and ore
Reserves" (December, 2012)
( The above-menlioned peGons have no interesl Matsoever in lhe mining assets leviewed and will
gain no reward for the provision of this Coal Resourc€ and Coal Roserve statement RPM will
( roceive a professionalfee for the preparation ofthis slatement.

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3. PROJECTDESCRIPTION
(
(
3.1 Location

The AUB concession is located in North Barito Regsncy, Central Kalimantian provin@,
( approximately 520 km from Palangkaraya, capital of Contral Kalirnantan. The site is acd€ssible via
a provincial road from Banjarmasin through Muara Teweh, approximately 64 hours lrav€l time by
( car, for a total dislance of approximat€ly 350 km. Th6 g€noral site loc€tion is shown in Flguae 3-1 .

( 3.2 Coal Tenements, irining Approvals and Land Tenure Status

( The AUB project covers a total area of 3,21'1 Ha, as summarised in Table 3-l b€low Th€ lease
area end site layout i9 shown in Flgure 3.2_
( ,"0," ,-t Mining conc63tons
(
Concasslon tu€a (H.) IUP No Data lisued S'iatu6
( lyrs)
AUB 3,211 428/KPTS/TAM BE N/2010 '16 February 2010 20 Production
(
An independent review of site access issues was not conductedi however AUB advised that ther€
( are no curent significant land ac@ss issues rclated to land compensation or forestry permits which
could impact on lhe Coal ReseNes- An independent legal rcview of the projects permits has nol
( been c€nied out, although AUB advised that it has in place all necessary r€gulatory pemils for its
opoftttron.
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3.3 Mining Operations
(
The project is und6r d€velopment and has yet to start mining activity. No mining has commenced at
the Project up until 2014, however the rolated concessions of PT Alam Indah Persada ('AlP) and
( PT Annisa SLrkses l\/|andiri ("ASM") have b6en in operations sjnce 20'10

( The mining method proposed js multi seam, moderate to st€€ply dipping, open cut coal mining Th€
majorily of waste is hauled initially to adjac€nt ox-pit dumps When the coal is mined out to lhe
( desired high wall position, fulure waste material will then be h€uled back into the mined out are€s.
Both the ex-pit and inpit dr.rmp areas are then rehabilitated as mining aM dumping progress
(
The run of mihe ('Rolvl") coal is mined ancl hauled to a pfeparation facility, where the coal is
( crushed but not wash€d, to produce a themalcoal product fofexpo( and or domestic markets

( 3.4 Coal Handling and Infastructure

( Coal to be mined f.om lhe pit will be hauled directly to the Gxisting load out facjlity at the port
located on the Barito Rjver This facilfty is 37 km {rom lh€ mine. There ar6 two haulage options for
( the coal, one using the cunent road connecting cunent adjoining AIP and ASI\, operattons and the
altemativ€ is to construct a new road to improve the cycle lime and rcduce Ihe distance to the port
(
The ROM stockpile will be loc€ted at the port. The ROM stockpile will be used as a buff€r to
maintain coal supply and barg6 loading during pedods of w€t weathor and other coal mining
( interuptions.
( Coal at the ROIV stockpile will b€ crush€d and loaded onto barges whe€ it will bo transported
approximately 280 km to an ofishore transhipment point at Muara Ba(to ans subseqr.tenlly loaded
( onto gearod vossels or by floating cfanes.

( The capacity of tho pon faciltti€s ts summarised belowl

( . The ROM slockpiles have a capacity of €pproximat€ly 100kt

(
. The barges are typically 8,000 tonnes 300 feet barges
. The crusher is capable of 500 tonnes per hour ("tph").
( . Barge loading rate is 1,000 tph-
( Based on lhe curent capacity of the Infrastructr.tfe, the orusher, conveyor and barge load out
systems aro abl6 to deliver oflhe planned 1.4 mill|on tonnes per anhum ("|\,ltpa") . based on a single
( 12 hour shft per day operation This capacity will have potential 10 double the |ate to 2 8 Mtpa with
the imDlementation of doubl€ shift ooerations
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4. GEOLOGY. COAL QUALITY AND COAL RESOURCE ESTIMATE
(
4.1 Geology Overview

The Project consists of a sub bituminous cral d€posit occuring in the Oligoc€ne age, Monl,alat
( Formation. Additional exploration drilling was conduct€d across the concession and completed to
the end of August 2013 Drill hole locations are shown in Flgure 4-l and general stratigraphy is
( shown in Flgure 4.2 A Ventyx l4inescap€ geological model has been updated based on the drill
oala
(
Th€ deposit can bo characterised as gentle dipping, multiple thin seam coal deposit. S€am daps
average of 5 degrees to the south west No fault has been identified, based on the ddll hole dat6
available Up to 35 seams with seam splits and sub-splits have been identified. Seam nomenclature
( is summadsed in Table +1.

Individualcoal seam average vertjcal thicknesses range up to 2 1m, with the 3 main seams (seam
( G, H and 13) typically greater than 'lm in thickness. Coal seam and interburden thicknesses are
shown in Table +2 and Table 4-3 Typical cross-sections are Includ€d in Flgure 4-3. Note: cross
( sectional thicknesses reported are vertical (or apparent) thickness, I e. as interected in the drill
notes
(
Table 4-1 S€am Norn€nclafuro
(
Seam splil I Split2
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o1 D,lLU
( DlL
DlLL
D2
D3
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E1U
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E2LU
( E2L

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FU
( FUL
FLU
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S{m SDllt'l Spllt 2
( Fl
F2U
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GLU
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HLL
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nL
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I3LU
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I3LL
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JUL
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J1U
JI
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L,lU
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L1L
L2U
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t2L
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M2
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( DRILL HOLE LOCATION
RungePincockMinarco PT ARTA USAHA BAHAGIA
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GEI{ERAL SIRATIGRAPHY
PT ARTA USAHA BAHAGIA
i Runge Pincockl\rinarco

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( Table 4.2 Seam Thickne6!

C l{o. ol Data Coal lhlcki€t€ (tn)

Saa|n
Points AvstEgo Ulnihuil Mdlmuil
( 2 0.9 1.3

( 1 0.1 0.1 0.1

8,1 1 03 03 0.3
( CU 5 0.3 o.2 0.4
c 10 o.7 o.4 1.1
( 4 09 08 '1 0
( 2 0.4 2.0
1 0.6 0.6 0.6
( 3 o.4 0.3 0.5
D 1 0.5 05 05
( D1U 4 o.7 0.6 0.8
( D1 19 o7 0,3 1.6
DlLU 1 o.4 o4
( D1L 3 0.1 1.4
DlLL 1 o4 0.4 o.4
( D2 13 o.4 o.2 0.6
( D3 2 0.5 0.3 0.7
E 0.9 o.2 1.9
( E1U 1 o7 o7 o7
( 10 0.4 0.3 0.7
E1L 1 0.6 0.6
( E2U 0.6 0.4 0.8
30 09 0.2 2.O
( E2LU 1 06 0.6 0.6

( E2L 4 06 0.3 09
I o.4 o4 o4
( E3 1 o.4 0.4 o.4
FUU 1 o.2 o2 o2
( FU 18 o.7 o2 17
FUL 1 o.2 02 o.2
C
36 08 0.3 1.5
( FLU 1 05 05 0.5
18 0.8 01 16
( FLL I 0.4 o4 04
( F1 4 0.8 0.3 1.4
F2U '| o2 o2 0.2
( 5 06 o2 18
F2L 1 1.2 1.2
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GU '11 0.6 03 11
( 55 11 0.3 2.1
4 0.1 0.1 o.2
t GL 6 05 o.2 1.1
GLL 0.5 o.2 1.0
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c' l{o' ot 0.f. coal lhlclo|o€r (m)
Soam
(t Polnta Awrag6 fllhlmum Iarlmutn
1 0.5 0.5 0.5
(, HU 20 0.3 1.6
H 57 1.2 0.6 2.0
C,
HLU 1 0.3 0.3 0.3
(r HL 18 o.4 0.2 0.9
HLL 1 1.3
(: H1 0.8 05 1.4
( t1u 14 0.5 0.2 0.7
l1 81 0.6 0.3 1.5
( tlL '15 03 0'l 0.8
t2u 12 o.4 01 1.0
( 84 o.7 0.2 1.1

( t2L 12 0.0 0.6

I3UU 1 0.7 o.7 o.7
(; t3u 1.5 0.2 2.0
ISUL 0.9 0.9 0.9
(r t3
1

7A 2.1 0.1 3.3

(, I3LU 1 0.8 08 0.8
t3L 20 0.6 o.2 1.5
( I3LL 1 0.1 0.1 0.1
t4 0.3 o.2 0.6
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JUU 1 0.3 0.3 0.3
( JU 12 0.2 0.1 0.5
JUL 1 o.2 o.2 o.2
( J 2A 04 0.2 o.7
JL 0.1 0.5
Cl J1U 1 04 o.4 04
(r J1 6 o4 0.1 o.7
JlL 1 o.2 o2 o.2
( 12 o.4 0.8
2 o.2 0.3
( K1 0.1
K2 2 o.4 0.3 0.4
( L1U 1 0.3 0.3 0.3
L1 9 0.9 0.3 't.5
C L1L 1 o.2 0.2 0.2

t t2u o.4
0.5
0.4
03
0.5
0.7
C, L2t 2 0.3 0.3 0.3
M,I 1 0.9 09 0.9
( M2 I 0.5 0.5
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() hbl€,1-3 Av€rdg€lnterburdenThickness

Interbuden
(t So3|n
Thid(noss l|'l)
(. A->B 31
B->81
(t B1->C
( 7
c1->c2 5
( c2->c3 27
C3)D 2
( D>D1 2
( Dl->O2 4
D2->D3 7
( D}>E 4
E>E1 5
(.
E1>E2 4
(, E2->E3
E}>F 3
(
F1->F2
(
F2.>G I
( G->G1
G1.>H 17
( H}H' '10

H1->tl 1l
t1->t2 1

(' t2->t3 2
t3->14 3
(r t4->J '14

( J.>J1
J1.>K 2A
C K->K1 20
K'1->K2 o.2
( le->Lt 11

( L1->12 I
L2+M 1

t, M1->M2 1

(, 1,2 Geologlcal Database and ilodelllng

r The deposit has been subjectod to s€mi{etailed drilling with the majority being at 400 m spacing. A
roasonable €mount of geological databas€ i6 aveil€bl€ The majonty of the drill hol€ databes€ waB
(r coll€c{ed from cored holes and supplemented wilh geophysicsl logs of all the bor€hol€s Odlting
statistjcs are summarised in Table 44. The coal quality databas€s are included in Appendlx B.
t,
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lhistoptlissLhiod blh. dEdein @nbnadoh pse (i) atthis daan.nt
| [,byFl.l I

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(
( Table il.4 Drilling Shli6tics

(
Ooen Hol6s Corod Hol€s Gsoph. Loq Valid Survev Tolal

( AUB 85 151 236 2

( Key elements of the geologic€l databas€ and geological models used in Coal Resource estimation
for ths Project are noted below
(
a total of 85 open holes and 151 cored holes;
he average depth of drilling is approximately 50 m, with maximum depth of 72 m,
( . cored holes w6re in majonty'touch" cored, see fuiher explanatioh ih Section "JORC Code,
20l2 Edltlon - Table I' below ;
( . co€l cores flom the t51 cored hol€s were submitted for anarysts;
( . all holes were geophysically logged and coal seam d€pths |oconciled against these logs;
see turther explenation in Section "JORC Code, 2012 Edition - Table 1" b€low
I . all drill hole localions were surveyed by a Total Station; and

( . the majority of core recoveri€s exceeded 90old

/ Geophysical logging, whi6h provides poinls of observations to assist with seam corelation €nd
' definition of roof and floor coal pties Th6 lypcal suite of geophysical logs included n€tural gamma,
.I in situ rock density (long and short), and calliper (borehole diameter) Data obtained includes seam
depth and thicknoss, seam partings and seam cofielations.

( +z1 suryey

( getailed topographic has been conducted over the sludy area using aeial Lidar, whib driil collars

I.
werc surveyed using Tolal Station equipment Areas not covercd by detaibd topographic survey
have been excluded frcm Coal Resource estimaies- The topographic plan is included In Appendlx
c
(
, 4.2.2 Geologicallvodelllng

All the drill hole data to the end of August 2013; including dritt togs, coat quatity and dr l hotes co ar
( survey data: has been compiled in €n electlonic database. An exisling 3-D Ventyx "Strathodel"
surface model of the deposil was updated with lhe new drilling results by RP[4 geologist.lt is noted
( that the geologic€l model was also checked and verified by the compelent persons to ensure the
model is surtable for Resource estimation A summary of the model and database review process is
( describod in Appendix A Section 3. The surface model was built up from indvidual layels
including topographic surface, weathenng surface, seam roofs and floors Raw quality data stored
r in the Stratmodel was compos,ted on a seam ply besis and modelled Vonttx Minescape software
' is capable of modelling seam splits and faults. Model parameters and data flos are 6hawn in Table
o-5
(
I
_ 4.2.3 CoalDensity

t, r
The modelled air dried RD, ecquired from analyses of coal cores, was convened to an in srtu RD by
appiying the Preston-SandeB equalion.

I fhe Prestonsanclers equalion is as follows:

T RDt = RD^a x (ro0 - rMai/(oo + RD."'x (Mrs - rM,) - M')

(. Vvhere is = In situ

ad = airdned
(

( | ADV-JA-1133i3 I AOVJAGAT3_lvbfar.ma EneTgLJORC_vertlEt Odx l ttay2o14 l I pag613of35 |

fhis rcp.n sub)ed ta the d)sc;tatns nntaned or pase 0 af ths d.crnent
's
(

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pr Arta ueha BarEoia siarn€nr or op€n cLn coar Rsouca and co€r R.*mB as at 31 M.rch 2o1. RUngg PinCOCk Minafoo
(
(, RD = reiative density

(, lM = inherent moisture
M|s = in situ moisture
(1
Table 45 Geological Model Pa6nreteia
(
Soi an Ventyx Minescape
(, Gdd Spaclng 25fi
( seam Flle Desion File: Dholes otri
Cod o|lrllty Fll. Table fle: com oual orox13
oualltles odelled ash
cvad CV arr dried basis
CV air b6sis
fc Fixed Carbon
m lnherent Moisture
( rd R6lativ6 Dans v
(, tm Total Moisture
ts Total Sulohur
( Voletile Matter
l{odell{ame AUB mrw RPi,
(l

( 4.3 Data Validation

Extensive checking ofthe databases was undertaken in orcler to validale the geological mod€19 and
(
determine tho calegodes on which th€ Coal R€sources estimates are based This indlded
revt€wtngl
(
. ar significant numb€r of original drill logs in ord€r to validate the coal seam intercepts
{ recorded in the comDuter database:

( . drill hole plans for each seam;

. outputs from th€ g€ological models tor accuracy in relation to the available data;
(
. lypical cross-sectons across the pitsi and
( . coalquality plans and trah.rlations.

( In summary, the revr€w of th€ databaso shows it is of a suitable stand€rd, the work has bean
undertaken by compelent professionals and the model rs of sufficrenl accuracy to be used for Coal
( Resource eslimation conforming with JORC Code guidelines There were no fatal flaws identifed,
how€ver complex seam splitting does occur.

' 4.4 Basis for Reasonable Prospec{s for Eventual Economic Extrdc{ion
I
Und€r the JORC 2012 code, besis for reasonEble prospects for eventuel €conomic extraction h€s lo
be considered approprialely, however this will be based on lhe competent person's view. RPM us€d
paGmeters as follow:
i
. minimum thickness of 03 m has been apphod. This lo considef lhat €ppropnate mining
(
work can be achieved.
. an oftset of 50 m on each side of the m€in river has b€en used to limit coal resour@
i boundary This to ensure appropriate r€sourc€ and reserve limit were applied; and

(
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( . an elovation of -50 mRL which is an €verage depth of €pproximately '100 m below
topogr€phy- These deplh limitations aro appli€d bas6d on the average deplh of the drilling
( data This also approximatoly 50 m below practrcal prt limit, this is considered reasonable
for 6v6ntual oconomrc €xtractrcn.
(
4.5 CoalQuality
(
Th€ coal is a sub bituminous Enked coal with average in situ ql/ahti€s as follorvs
(
. TotalMoisture ("TlV") 35.8% (as received, "a/);
( . Inherent l\roisture ("lM') 15 7olo (aifdried basis, "adb");
. Calorific Value ("C\f) 4,'100 kcal/kg (gross as receved, "ga/');

(
. Ash 7 4% (adb);
. TotalS'.rlphur ("TS") 0 350/0 (adb);and
( . Relatjve D€nsity ("RD") 1.37 g/cc (adb)

( Average coal qualities by seam is summadsed in Table 4.6 The full coal quality databases are
included in Appendix B Co€l sampl€s wer€ submitt€d to PT. G€oservic€s, intemalionslly
accrediled laboratory, and analyses were conducted in accordance with inl€rnatonal standards as
Iisted in Table 4-11. Some samples were also analysed in Ultimate, AFT, and HGI
(
Trble {4 Av€Ege CoalQurlities bySolm
(
In Sllu CoalQualify
(
No. of
I$% ll't % tuh% vM% FC% TS% CV Kcal/Kq RD

( Seam Data af a0D a0D ao0 adb adb adh qar adb

( CU 2 u4 10.9 104 509 274 0.3 5,985 4,405 1U

c 6 423 5.5 388 404 0.39 14
( CL 395 13 5 69 37.9 418 o42 5,350 3,755
D'1U 2 111 98 396 395 o.27 3,500 145
D1 13 37.5 13 3 55 394 o32 4,085 '1 39

( DlLU 'I 50 102 42.1 433 o24 5,830 3,245 142

D,1L 2 38.9 88 414 37 025 5,495 3,830 137
( D2 262 '13.6 5.2 392 32 5,845 5,010 138
4 38 168 76 404 o2 5,285 3,935 '| 37
( E2 19 38.2 156 58 39.5 39 0.37 5,400 3,950 138
( 3 38.9 '13.9 42 43 389 o.24 4,000 138
FU 12 37 147 121 38.5 346 o.44 5,020 3,700 141
( 18 356 157 73 415 356 oa7 5,420 4,140
FL 11 35.7 97 433 333 o26 3,980 137
{ GU 371 166 88 395 352 0.33 5,170 3,900 138
G 29 366 164 401 359 o27 5,315 4,035 137
t
3 333 134 5.9 6.2 345 o4 4,430 133
( GLL 3 36.S '13 82 338 0.35 5,655 4,100 134
HU 34.9 15.5 5.1 402 39 0.31 5,510 4,250 1.34
(
37 36.6 16.8 7.1 39 37.1 023 5,260 4,0't0 1.37
HL 2 363 179 77 384 35.9 o24 5,180 4,015 136
{.
HLL 1 35.4 13.5 58 44.6 363 018 5.680 4 240 1.35
(
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(
In Situ Coel Quelitv

( TM% ll{ 0/6

A6h % vtit % FC./. rs% CV Kcal/Ko RD
No. of
S6am Dala al adb aoD acD rdb rdb adb qat adb
t'1u I u.7 16 39.7 36.7 o.u 5,240 4,070 134
( t1 3'1 351 154 a2 40.8 35.5 034 5,400 4,145 136
tlL 3 30.5 14.2 12.9 42 309 4,140 '1.39
( t2u 35.1 15.4 104 40 34.3 055 5,250 4,030 14
t2 25 u5 15.9 73 4'1 8 u.9 029 5,435 4,235 1.35
t2L 326 14.4 12.9 443 244 o.23 5,375 4,240 't.37
t3u 15 u 157 414 o37 5,440 4,260 136
t3 29 348 15.6 41A o22 4,145 136
( I3LU 1 u.2 163 434 32.7 o26 5,350 4,210 1.34
( JU 1 39 383 377 0.36 5,245 3,870 1.37
J '16.1 11.1 386 u.2 o.62 5,080 3,920 1.39
( JlU 1 37.5 15.4 46 375 345 0.2 5,215 4,045 136
J1 1 379 20.7 34.8 395 0.29 5,070 3,965 1.37
(
K 10 u.4 15 6 94 347 178 5,2S0 4,105 139
( L1 5 364 15.8 386 397 088 4,030 1.38
12 1 35.6 147 5 363 401 0.46 5.385 4 265 1.37
( Weight Average 35.8 15.7 7,1 40,7 0.35 1,100 1.17

( Nole:VM = Volalile Matterand FC = Fircd Carbon

( 4.6 Geological Confidence and Resource Categodes

( The JORC Code provides minimum standards for public reporting of Coal Resources and Coal
Reserves to the investment community For coal d€posils, the JORC Code i6 supplemented by the
Australian Guidelines for Esumating and Reporting of Inventory Coal, Coal Resources and Coal
{ Reserves (refefied to as the Guidelines"). The Code and the Guidelin€s provide a m€lhodology
which refleots best industry practice to be followed when €stimating lhe quality and quanlity of Coal
( Resources and Coal Resetues.
(, A Coal Resource |s d€frned as that podion of a coal deposit jn such form and quantity that lhere ar6
'reasonable prospects for economic extraction". The locatioh, quahtity, quality, geologic
( charactedstics, and continuity of a Coal Resource are known, estimated or interprcted from specific
g€ological €vid€nce and knowledge. Coal Resources are subiivided in order of incroasing
( confidence into Infered, Indicated and Measured Resourc€s

{ . Infe,red - for which quantity €nd quality c€n be estimaled with a low degree of confidence.
The level of confidence rs such that m|n€ plans cannot be genorated;
( . Indlcated -
for which quantity and quality can be estimated wilh a reasonable degree of
confidence. The lev6l of conlldenc€ rs such that mine plan6 can be generated and likely
( product coalqualty can be detemined; and

( . Measured - for which quantity €nd quelity c€n be estim€ted with a h€h d€gree of
confidence The lev€l of corfidence is such that detailed mine plans c€n be gen€rated,
( mining and beneficiation costs, and wash plant ytelds and quality specifications, can be
determined
( The cioice of the appropriate category of Coal Resource deponds upon th€ quanlily, distribution
and quality of data available €nd th6 l6v6l of corfid€nce that attaches to thos6 data The
{ €pgopriate Resource category musl be det€rmined by a Competent Person or P6rsons.

( Poir(s of ObseNation

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Coal Resourc€s are estlmatod bas€d on irfonnation galh€r€d from Points of Observation. Poir{s of
ObseNatlon indude suda@ or underground exposures, bor6 cores, geophysical logs, andor drill
() cultings in non-cored bo.eholes lt should be noted that Points of Observation for coal quantity
eslirnation n€ed not nec€ss€rily b€ us6d for coal quality estjmation
(,
The eslimate is c€lculated using h€ area, hickness and in situ dgnsity of the coal seam. The basls
(, from which tho in situ d€nsity is d6riv€d should be clea.ly stat6d. lt is important lo not6 that in-situ
d€nsity is not the same as the d€nsity reported by th€ slandard laboratory m€asurement.
ti The Guidelines gugg€st distances between Poir{s of Observation that should b6 used when
(. ostimating r€sources:

(i . M€asured - Points of ObseNation no mor6 than 500 mef€s aDai:

. Indicat€d - Points of Obsorvation no more lhan 1,000m€tres apartiand
( . l 6ned - Poinls of Obs€rvation no more than 4,000 metres apan.
(. The Guidelines sress that th€se distanc€s arc only a broad guideline. If he coal ssams in th€
deposit are faulted, intud6d, split, lenlicular, or havo significant lat€ral variationr in thickness or
quality, th€n th€ distanc€ between Points of Obggrvation should b€ decr€es€d

The Points of Obgervation used lo d€fine the Coal Resourc€s are those drill hol€s with a r€liability
of Type 1, 2 or 3, as shown in Trble 4-7. Note: Op6n hol6s with g€ophysical log €nd no quality dsta
w6rc used in Coal Resourco eslimation with the level ot confidence based on ths quality drill hols
spacing and variability.

Tsble G7 Point! of Ob3€rvrtlon

(
Typ€ Point of Observation DescriDtion Value and Use of Point of Obgervation
( 1 Cored and €nalysed intersection
of seam with geophysicel log,
C may or may not have lithology
log
(
Cored and analys€d intersection Typ6s 1 - 3
of seam without goophysicallog, Reliabt€ for
may or may not havo lithology structur€ and
() log thickn€ss
3 Non cor€d intersection of seam
C wilh geophysical log, may ormay
not havo lithology log
C
(. 4 Non cored intgrs€ction of seam Type 4
without geophysical log, may or Suppodive of
{: may not have lithology log 8trudurs and
thicknoss
(.
( D€termination ot appropriate spacing of Points of Observation wos based on c€t€gorising tho
following seam characterisdcs as'simpl€", 'moderate'or "cohple)C using the following critg.ia:

f; . variabillty of seam thickness (including seam splitting);

r . variability in coal quality parameters; and

(l
. structuralcomplexity.

The catsgoris8tion of Co6l Resources is summarisgd in Table 4-8

()
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( Table /H Coal Resource calegorisaiion Prram€ters

( Palametor Simple ilodelal,e Co|nplex

( S€dimentation
Coal Quality X
( Structurc X
DrillSpacing
( - I\/easured <500 m <250 m <100 m
- lndic€ted 500-1,000 m 250-500 m 100-200 m
( - lnfen€d 1 000-2.000 m 500J.000 m 200-400 m

( Bas€d on the level of complexity of the deposit, the Resourc€s were sub-divd€d Into categori€s
based on the following dnll holo spaqngi
(
. Measur€d
( o 0 - 400 m (radius of influence 200 m) for rhaior seams;
( o 0 - 300 m (radius of influenc€ 150 m) for minor seams;
. lndicated
o ,O0 - 800 m (radius of influence 400 m) fof major se€ms;
( o 300 - 600 m (radius of intlLronce 300 m) for minor seams;

( . lnf€ned
o 800 - 1,600 m (radrus of intluence 800 m) for major seams;
t o m0 - 1,200 m (radius of influence 600 m) formrnor seams

( However, the abov€ l€vels of confidence categories were funher modified on a seam-by-seam
basis subject to the following faclors.
(
Minimum No. of Drill holes
(
For incluson in lhe Coal Resouace estimation 6 minimum of fouf ovedapping drill hol€s are required
( for inclusion in the relevant c€legory in orderto avoid isolated Coal Resource polygons

( Seam Thickn€ss

( Seam thickn€ss inlerpretation was based on geophysic€l log data, as all drill holes were
geophysically logged
(
Down-Dio Drillino
(
Categonsation as Measured requires demonstreted seam continurty both along staike and down dip
In localised areas seams €re only in drill holes close lo lhe sub-crop, i e date is only ev6it6bl6 atong
( stdke in which case tho Coal Rgsourc€ is categodsed as maximum Indicated c€tegory

(
Coal Quality Data

( Ad€quate reprcsentativa coal quality data is r€quired with appropriate spacing subjecl to th6 degr€6
of variabilily of key quality parameters. A number of minor s€ams, splits and sub-splits have eilher
(.' no quality dat6 or limited wider-spaced quality data ln such cases Coal Resourcos hav6 be€n
excludsd from the €stmates.
(
Drill hole Survev Data
(
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( Drill hol€ collar surveys were obtained from hand-held GPS, and subsequonlly updaled with Total
Station survey These results were lhon compared wilh aerial topographic survey, to validate ddll
( hole surv€y accurercy

( The drill hole dens y and the Coal Resource category polygons appli€d to the main seam (Seam 13)
is shown in Figure 4-4 A similar methodology was applied to other seams to detomine Coal
( Resource limits Figures showing Coal Resource limits, drill intercepts and coal quality d€ta for all
main soams aro included in Appendir O
(
1.7 Coal Resources
(
The paranet€rs applied in th€ estimation of Coal Resourc€s ar6 as follows:

. no geological losses have been applied;

( . a 0 3 m minimum lhickn€ss has be€n applied;

( . m€ximum thickn€ss of partrng included in seam thickness is 0.'10 m;

. Coal Resource estimates were based on the September 2013 geologic€l models;
(
. Coal R€sources are reported above an 6lev6tion of -50 rnRL, which is an average depth of
( approximately 100m below topography. These depth limitations are applied based on th6
average depth of deep drilling dala and also to meet the cdterie of JORC resource reporting
of having teasonable prospects for eventual economic extraction":
(
. soam by seam average moisture basis has been used to osttmate Coal Resources, which
( based on drill data; and

(
. Estimales for individual seams have been round€d lo the nearest 25kt for ltleasured, 50kt
for Indicated, 100kt for Inferred resources, and total Coal Resources by category afe
rounded to 'l Mt to reflect the overall accuracy of estimates
(
Coal Resources are summarised by block in Table +9 and by seam in Table 4-10.
(
Table 4-9 CoalR6o!rce6
(
Coal Re€ourc€s (Ml) fM% Ash'/6 TS% CV KcaUKg
Ar€a , Block
{ hdicat d lnferred adb 9er
M€asur€d & Indicated Coal Resourcs8
(
AUB 15 60 0 35.8 029 4,095
( Tot AveEge
Inferred Coal Resources
(
AU8 0 0 35.6 7.2 048 4,110
( Tot lrAveEge
TotalrAverage 15 60 107 35,8 7.1 0.35 1,100
(
Nole: TolslE hsve been ncunded lo reflect th€ ordsrofaccriEcv ofeslimales,
(
Tablo 410 Coal Re6ources by S€am
(
R$ourc.s (ift)
Seam
( Meaourad Indicaled lnfered I OI,l
CU 0.0 0_1 01 o2
( c 00 09 o4 '1 3

( CL 00 04 03 o.7
01u 00 0.2 00 o2
(
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( R.6ourEos ([ft)
SoEit
( il6€sutEd lndical€d InLlrrd lot l
D1 0.0 1.5 o7
( D,lLU 00 0.1 0.0 0.1
D1L 0.0 0.1 0.1 o2
C
0.0 0.0 o.4 o4
C
E1 00 0.0 0.0 00
E2U 0.0 0'l
( 0.0 32 2.3
0.0 0.8 01 0.9
C
FU 0.0 09 2.3
( F 00 4.6 7.2
FLU 0.0 01 0.0 01
FL 0.0 1.8 0.5
FLL 00 0-1 0.0 0.1
GU o.2 0.6 00 08
( 2.6 11.4
o.2 0.1 00 0.3
(. 0.0 o.2 00 02
( HU 0.7 1.7 0.5
31 7.1 19 12.1
C HL 0.0 07 02 09
HLL 0.0 0.1 0.0 ol
( tlu 0.0 03 0.0 03
ll 0.0 5.0 1.4 64
i1L 00 o2 00 0.2
( tzu 0.0 0.3 01 o4
t2 0.0 1.5 6.8
t2L 0.0 0.2 01 03
( I3UU 0.0 0.2 00 o2
t3u 2.3 1.7
( I3UL 0.0 o.2 00 o2
t3 7.4 12.6 25.7
(
I3LU 0.0 0.'1 0.0 0.1
( JU 0.0 0.0 0.1 01
0.0 0.0 1.5 1.5
( J1U 00 0.0 0.1 0.1
J1 0.0 0.0 0'1 0.1
C
K 00 1.0
( L1U 0.0 0.0 o4 04
L1 00 0.0 3.7 3.7
( 0.0 0.0 10 1.0
't5
( TOTAL 5! 107

Note: Totals hav6 b€€n round,rd to rEfgct lhs oder of accu€cl/ of 6slimat€s.
(
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( Teble l-ll Laboratory Standard!

( Analysl6 Code
Tolal Moisture ASTI/l
( Proximate Analysis ASTM
Ash ASTM
( Total Sulphur ASTM
Calodfic Value ASTM
t Rolativ€ Density AS
Ultimate ASTM
( ASTM
ASTM
'(
Ash Analvsis ASTM
( Observations in regard to the c4al quality database are as followsl
( . only co€l seams wilh record€d coal core recov€ry of greater than 90% have been included
in lh€ geologic€l model database:
{
. limited coal quality data was availabl€ for som€ minor seams, thor€forg categodsed as
( Inferod lov€l; and
. core samples were obtained f.om "touch" and "twin hole" codng methods, which the rec€nl
(, samples wero d€rived from the latter one

t 4.8 Plevious Coal Resoutce Slatements

( No prsvious JORC Resource and Reserve statement has been prepared for the deposit.

( 4.9 JORC Table 'l - Goal Resources

( The JORC Code 2012 includes a "Checklist of Assessment and Reporting Criteria", (JORC Table
1), which must be completed by he relevant Competont Pe6on on an "if not, why nof basis For
( Coal Resources, Sections 1,2 and 3 must be compl€tod by the Resources Competent P€rson(s).
Appendix A of thi6 Statem€nt contains the JORC Table 1 with sectjons 1, 2 and 3 completed by
( th€ Resources Competeni Person(s)-

(
(
(
(
{

(
(
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(
( 5. COAL RESERVE ESTIMATE

(
The following sections describe the process us€d in converting the Coat Rosources into Co€l
Reserves. The order generally follows "Table 1 - Check Lisl of Assessrnent and Reporting Criteria"
m The JORC Codo Thrs process includes defining viabl€ pit limits and applying various mining
(
recovery, m€tallurgic€|, cost, revenue and srmilar factors to the Coal Resources lo estimate Coal
ReseNes
(
5.1 Coal Resource Estinate and Geological Model
(
The Coal Resource estimates 6nd geologic€l model used as a basis for the Coal Res€rve estimate
(' aro documented in this r6port, (see Seclion 4) The Comp€tent person for the Coal Resourc€
estimat€ is lvr Oki Wijay€nto. The same geological mod€l has been used for both the Coal
( Resource and Coal reseNe estimates

( Coal ReseNes quoted in this report are inclusive of Coal R€sources.

( Study Status

( The AUB project is an extension of the cunent I\rE opera{ons at PT ASM and PT AlP. The projecl
costing and evaluatrcn has been developed from thes€ current operations and th€ associated
( @ntractor performance An independent PFS lor the AUB project has not been undertaken The
design and engjneering of haulage road works and ptanned increases to operalionat use of cunent
( inf€structure has be€n reviewed et tho PFS level of dotail +/- 25olo Thrs study has adopted cunent
opefatrons and the previorJs studies that hav6 b6en completed for the Govemment FS and Amdal
application and licenses IVE have operated mines nearby PT ASM and PT AlP, These ope€tions
(
and contraclors a€ used es supporl for modifying factors, infraslructure availability (rcad, stockpitg,
c€mp, office and portfaciljty), and facilities
(
The|e is an AMDAL covering the environmental requi€ments of the poect and AUB h€s a
( Production / exploitatjon status for the project arca

( There are slill some areas of inprov€ment with a, ceotechnic€tl and GeohydroJogy study to be
completed to confirm lhe stability and water manag€m€nt issues with the proposed mine The
( deficit of thes€ studies has been included In the conversions factors from Resources

( A Life of lrine, ("LOM"), Plan has b€en prepared for the AUB Project RP|V compited the LOM ptan,
to a PFS level of d€tail, which includes th€ revr€w of a number of options and has identified the
( p€fenod go foMard case. ME havo cunent operating mines nearby for which the infrastructure is
cunently for at maximum 1.5 Mtpa of production level, lhere is a requirement to €xpancl lhe capacity
( by consttuclion ofa new port facility or increases to the ope|ating time of the cunent facititi€s tillthe
new opeErtions are in place
(
Th€ mrne operations plannod are felatively simple and are an extension of the current mining areas
( The marn pI was identified but subdNided into 3 portions drssected by the river and concesslon
boundary The proposed initial box cut is located in the east of the pit area, with mining continuing
( lo lhe west in the cunent mining direction Waste from the pit will be initiatly haulod lo the adjacent
ex-pit dumps and where possible dumped in lhe voids created from th€ current operational mining
( Later this will include the dumping in adjacent voids in AUB, approval for which is in process. The
dump areas willbe progressively rehabilitated as mining advances
(
The op€rations curently use appropriately sized hydraulrc excavators and trucks to mine the coat
t' and waste These and srmilar equipment are planned to be continued to b6 used in the operations

The ROM coal |s not washed but is crushed to produce E thermal coat paoduct at the porl. The
losses and yield ofthe operations have been included io the modtfying factors
(

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( A preliminary geotechnical study has b€en completed Geotechnical paramet€rs have b€en applied
based on that study The proposed mine pl€ns are considered to be technically achievable and
( comm€rdally viable The overall economics were confirmed by using lhe cost and revenue faclors
es desc{ibed olsowhere in this reporl
(
5.3 llining Factors
(
The selected mining method is an open cut, mulli seam, gently dipping, truck €nd excav€tor rntning
( method where dumping is initially ex-pit and then In.pit dumping where possibl€ ustng a haul-back
molhod The mining factors appfted to lhe Coal Resource modets for d€riving mining quantities
( were selecled based on th€ use of excevators and trucks The assumption is that clean accurate
mining practices, simrlar to that curently achieved, rs continu€d Loss and dilution f€ctor guidelinos
( are as follows:

( . Root and Floor Loss: lt is assumed lhat an average of 25 mm of coal will be lost in the
roof and floof of all coal seams, (i e a total toss of 50 mm)
( . Global Loss: lt is assumed that 6% of all coal mined will be lost This gtobal allowance
covers both geological and mining losses, including losses which will occur along edges
( such as sub-crops, faults, wedges and ramps_

( . Roof and Floor Dllutlon: lt is assumed lhat an average of 25 mm of waste matorial will be
mined with the roof and floor of all coal seams i.e_ total dilution of 50 mm.
( . Minimum Mlnlng Thlckness: Coal less than 0 3 m thick was excluded from the es(ma@
. Mlnimum Parting Thicknesat Partings less than 0 1 m were assumed to be hined with tho
( coal-

( . Defaults: Dilution was assumed to be RD 2 2 BC[44 and CV 500 kcatitg (gar)

( 5.4 Metallurgical Faclo6

( As the coal is sold unwashed no metallurgic€l yield factors have been apphod, other than the losses
predicted from the handling and rehandiing of lho coal in and out of the barges at each of the
( loading and unloading locations

( Cost and Revenue Factors

( ME provjded a "data sheet'ol unit costs whrch were checked for reasonableness against other
known production costs from similar mining operations in the region. Wh€r€ considered necess€ry
appropriate adjustments werc made to these costs to reflect those likely to be achieved over the
( remainder of the project, (note that neither inflation norescalation was consideroct). These unit rates
were then us€d to estimate the cost to produco and transport coal to the point of sale. This ajlowed
( a Break Even Slripping Ratio, ("BESR"), to be estmatod The foltowing summarise th6 cost and
revenue factors us€d forthe estimate:
(
Allcosts afe in US dollars
(
. The av€rage coal price for AUB Coal lvine Project, 4,m0 koaukg coat, was g43 per tonne,
( (as advised by client).
. A fuel price of $1.00 per litre was used for mining costs.
{
. lvrnrng and coal handling costs ofapproximately $14 '10 pertonne
( . Waste and coal mining cost of approximately $25 pertonn6 at the BESR.
( . Coaltransport costs ofapproximately 626 per tonne.
. Administration land acquisition, CSR costs and markelang costs ellowed totalled
t approximately $2.50 pef tonne.

( . Royalty was set al 5%

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| liaym14 |
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Pran u6aha BarFsia sr.rehenr or open cLn coar Rau@s 6nd coar R*toes .s ar 31 rrarch 2o1. RungePincockMinarco
(
( . The costs include allowance for 10olo VAT.
(
t.o Ma*eting and Product Specifi cations
( A mark€ling study has not been carried out for the AUB project l\rE have a cunenl contract signgd
on March 16, 20'l 1 with a Chin€s€ buyer, which has been reviewed by th€ Competent Person The
( contract is valid fof a period of 5 years with a total dehvery of 20 Mt at 4 l\,lt per calendar year. This
conk€ct is based on a coal sales price equivalent to USD 43 p€r lonne The coal product
( specifications for this contract are listed in Table 5-1

( I\rE have demonstr€ted abrlity to market and sell the simtlar coal types, (from the cunent operations
at PT ASI\rl and PT AIP), as lhe expected coal from AUB lt is anticipated that they will continue to
( oo so

( Table 5-1 Existing Contraclual Coal Specilication

( Palamder Typical Rei.ctlon

Tolal [4oisture (ARB) 35 0/d
N\bove 40 o/o
(
Inherent lrloisture (AOB) 13%
( Ash Content (ADB) 7 5Yo Above 16 %

( votatite lilatter (ADB) 41 0/o

Frxed Carbon (ADB) By Dflerence

(
Total Sulfur (ADB) O 21 o/o
Above 0 I 7o

( Gross Calorifc Value (ARB) 4,000 kcal/kg Below 3,500 kcal/kg

HGI
(
SEEU_JUMM 90%
Ash Fusion T€mp6r6turo 1,230'C B€low 1,150'C

Cut off Parameters and Pit Linits

( The deplh of the pit was sel to a maximum of 50 mRL to marntarn the estimation of quantities
above the deplh of geologic€l confidence Geotechnicat high walts slopes of 35 degrees and low
( walls of 25 degreos w€re assumed from geotechnical analysis These assumptions were oaseo on
observations from similar oDer€tions in lhts area
(
RPM completed lhe LOIV plan based on the options of mining the coal within the mineabte pit she .
( Coal quanlaties within this pit shell were th6n evalual6d for t\reasured and Indicated Coal
Resources, which were dassified as Coal Reserves
(
The [4inoable Pit Sholl is shown in Figurc 5.1
( Key propenies of the Mineabl€ Ptt Sheli are given in Table 6-2. The practical pit was designed at
the maximum ,ncremental strip €tio to maximts€ th€ coalquantities.
(
Table 5-2 Koy ParameteB - Mineable Pit Sh€ll
(
PalEmot€r unit V6lue
(
Avorage Stip Ratio bcm/t ROiI 69
( Breakovon Strip Ratio bcm^ ROLl 94
Incremental Strip Ralio bcm^ ROl, 94
(
Highwall slopes degrees 35
( Lowwall slopes deglees 25

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PRACTICAL PIT SHEITS
RungePincockMinarco PT ARTA USAHA BAHAGIA
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5.8 Coal Reserye Classifi cation

A Coal Reserve is defined in the JORC Code as the oconomically mtn€abl€ part of a Measured
ancyor lndicated l\rineral Resourc€. lt includes diluting materials and allowances foa losses, which
may occur when the mat€rial is mined. Appropriate assessments and studies have been canied
out, and includ€ consideration of and modification by realistic€lly assumed mining, melallu|gic€tl,
economic, marketing, legal, environmental, social and govemmental faclors Th€se assessments
demonskate at the time of €porting that ext|action could r€asonably be justilled. Coat ReseNes are
subiivided in od€r of increasjng confidence into Probable Reserves and Proved Res€rvesl

. Probable- th6 economically mineable part of an Indicated, and in som€ circunstances, €

Measured Coal Resouroe. A Probable Reserve has a lower level of confidence than a
Proved O€ Resetue but is of suffioent oualitv to serye as the basis for a decision on the
develoDment of th€ deoos,t and

. Prcved - th6 economic€lly mineable part of a Measured Co€l Resource- A Proved R€seryo
represents lhe highest confidenc€ category of reserve €stmat€. The style of mineralisation
or other factors could mean that Proved Ore Reserves afe not achievable in some deposits.

Th6 choEo of lh€ appropriate category of Coel Resetue is det6min6d primarily by lhe r€levant level
ot conidence in the Mineral Resource and after considering any uncertainties in the Modifying
Factors Allocation of the appropriate category must be made by a Competent Person or PeFons

A LOM planning has been completed and the planned development and operation of lhe mine is
technically robust; however, allofthe delailed mine studjes have not been completed to d6te

5.9 Results

The Coal Reserve estimato rs bas€d on in situ moisture and in situ RD Table 4.9 Coal R€6ourcea
The JORC Code 2012 includes a 'Checklist of Assessment and Reporting C te a", (JORC Table
1), which musl be completed by the relevant Competent Person on an "if not, why not" basis For
Coal ReseNes, Section 4 of the Table has b6on compteted by the Reserves Competent PeFon it is
included in ADoendix A of this Statement.

Table 6-2 shows the Coal Reserves by s€am. The coal is to be sold as unwashed coal; therefore
Coal Reserues are equivalent lo Mark€table Coal Resetues Note: total coatestimales have b€en
rounded to the nearest Mt to reflect lhe otder of accuEcv of the estrmales

(
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ta Ru n 9 e P h c a c kM I n a rc o Lr nt e d
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PT r'ia usatE Bahasia sGlemonr ol opd cd coal R€@@ aid c@t R.$'E as at 31 M:rcrr 2ol3 Runge Pincock Minarco
(
( Table 5J Total Op€n Cut Coal Res€rve3 by S€am

( Coal Caleqories lfll) TM% Ash % TS% CV kcaukg

Seam PrEYed Pfobable Total lar) {ar} tatl tda

(
FU 0 o.4 o4 359 15 '1
o.4 3,340
( F 0 04 o4 6.2 0.'18 4,300
FL 0 o.4 04 359 '15 1 o.4 3,340
( GU 01 03 0.4 37 AA o25 3,790
G 1',] 25 361 o22 3,990
(
GL 01 0 01 321 71 019 4,400
( 0 01 0_1 36.5 8.5 0.18 3,930
HU o4 1 14 344 029 4,14O
( 16 36 5.2 72 o17 3,940
HL 01 o2 03 366 9.2 0 '19 3,780
(
tlu 0 o2 o.2 34.2 8.9 o.27 3,890
( t1 0 3 3 34.8 9 o26 3,950
rlL 0 0'1 01 13 8 0.22 3,930
( t2u 0 o2 o2 '10.7 039 3,780
( t2 0 3.5 3.5 349 I 022 4,050
t2L o 01 0.1 325 124 o2 4,080
( I3UU 01 01 0.2 359 7.5 0.27 3,920
t3u 04 1 1.4 346 61 o27 4,120
( I3UL 0 o2 o2 35.9 7.2 o27 3,970
( t3 73 113 34.e 6.4 o17 4,130
TotaUAvg 8 24 32 35.2 7.3 o.21 4,030
(
Note: Coal qualilios reported for Coal Reserves vary from the qualities reported for Coal Resources
( (see Section 4.7) du€ to lwo principal factors Firstty th€ Coal Resource qualities are based on
total Measured, Indicated and lrferred coal while Coal R€serves qualiti€s are only for coal within
( the ltiline€ble Pit Sh6ll, which extends beyond the Indic€t€d R€source boundary as defined by Okl
\ Ijayanto Secondly, Coal Reserve qualities hav€ been modified by coat losses dilution and other
( mrning factors

The rounding of the Coal Reserv€ €stimates is in accodance with the JORC Cod€ which stat€s:
"Ore Reserue estimates are nol precise calculations Reporting of tonnage and grade figures
( should reflect the relative uncertainty of the estimat€ by rounding ofi to appropriately significant
figures"
( The Coal Resetue c€tegory polygons applied to the main seam (Seam t3) are shown in Flgure 5-2
A similarmethodology was applied to oth€r seams to determino Coal Reservo limits Figuros
( showjng Coal Reserve limits forallmain seams are included in Appendlx E

(
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COAL RESERVE LIIIIITS

SEAIII 13 GROI,'F
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PT ARTA USAHA EAHAGIA
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\ 5.10 Olher Relevanl Factors

( There aae a nurnber of technic€1, markeling, planning and ststutory issues whrch may impacl on the
stated Coal Roserv€s. Thes€ include:
(
. land and tenure conpensation and finalisation ofpurchases;
(
. funher geotechnEal studiesl
( . future exploration drilling (including coal quality coring), psrticularly within the potential
Mineable Pil Shells,
revisions to the LOlu Ptan;
( . changes in regutatory requiremenls;

( . chang€s in the Clients marketing strategy; and

changes to the key economic factors such as coal price, tuel, eic.
\ All of these issues impact on the pit shells and mining quantities. Consequendy, when the next
JORC statenent is preparod it is [kely to have different pit shells and quantit@s
(
( 5.'ll Discussion of Relative Accuracy and Confidsnce

I.
Mining h€s not commenced yet; lhen results from shipping data w€re not avaibble to reconcile the
product quelity results with those predicted In the geologic€l model. A LOl, Plan has be€n
completed, which is more detailed in the first 5 years than lhe ar€as planned for the €maindor of
( the mrne life

( Checks were conducted on the Coal Reserv€s estimates by independently re-estimating the
Minoable pit shell quantities and the resgrv€s of the major seams The differenc€ of 43 Mt b€tween
( fie 75 Mt of llloasurcd and Indcated Open Cut Coal Resourco and th€ 32 Mt of Open Cut Coal
Resetue is explarned by lhe following:
(
. tho geological confidence and some soams €),itend below the mineable pit sh6lt,
( . there 6re geological and mining losses, and dilutron gains in the Coal Reserve estimation,

( . lhe Indicated Resource polygons extend below the economrc prt shell to areas limited by
cunent mining economics in several inst€nces.

' 5.12 Previous CoalReserve Statements

(
ll is the undersatanding of the Competent person that there rs no previous JORC compliant
( estimate of Resources and or Reserves previously reported for this project.

(
(
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Appendix A - JORG Gode 2012. Table I

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Appendix G - Geology Plans

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Appendix E - Goal Reserve Limits

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