Palace Acquires Another Coal Producing Asset in Sumatra

JAKARTA (Yosefardi) – Palace Resources Ltd, through its proposed subsidiary Kalimantan Mining and Logistics Pte Ltd, is finalizing joint venture negotiations with RBU, an Indonesian coal mining company.
The joint venture would produce coal from a 200 hectares of coal concession in Sumatra Island. The JV includes a $2 per ton royalty plus a reimbursement of costs to date to RBU.
The project has several coal outcrops and RBU has carried out extensive drilling.
Palace informed ASX this morning that it is also finalizing for the settlement of the producing KCM project in Kalimantan and now anticipates to produce in two separate locations over the coming months.