A responsible developer and operator of coal assets to provide energy security to support regional growth and create wealth for its shareholders
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Intra Energy Corporation Ltd (ASX: IEC) was formerly known as Atomic Resources Limited. On April 28 2011, Atomic Resources Ltd shareholders voted in favour of changing the name to Intra Energy Corporation to better reflect the Company’s activities, as the Company focuses on coal energy projects across Africa, Asia and Australia. Atomic Resources Limited was incorporated in March 2007 and began trading on the Australian Securities Exchange under the symbol ATQ in June 2007. Upon listing, the company acquired the uranium rights to the Uaroo Project in WA and 85% of Pacific Corporation East Africa (PCEA), the holder of significant coal concessions in Tanzania. In December 2007 Atomic, (through its Tanzanian subsidiary PCEA) entered into a Memorandum of Understanding with the National Development Corporation (NDC) of Tanzania, to explore and develop the Mhukuru and Ngaka coal fields in southern Tanzania. In January 2008 Atomic released its first coal resources estimates, identifying a potential resource target of 100 million to 120 million tonnes of thermal coal. On 3 April 2008 Atomic formalised its coal joint venture with the NDC, the Joint Venture eventually becoming Tancoal Energy Ltd. The coal feasibility study was updated by Atomic and the parties agreed to proceed to a Bankable Feasibility Study (BFS) phase. Drilling at Ngaka commenced in June 2008. During February 2009 The NDC was granted the concession covering the Muyuru and Mkapa sectors and assigned the concession to Tancoal, adding to the existing Mbalawala project. The Mbalawala BFS was completed in September 2009 with results released to the market, showing positive results, a mineable reserve of 40 million tonnes and increasing the resource to 251 million tonnes. In February 2011 the Company announced it had entered into a transaction to buy out the minority shareholder in PCEA, increasing Atomic’s share of the Tancoal JV to 70%. After a capital raising in late February 2011, Atomic commenced planning for the opening of the Mbalawala mine with equipment orders. In April 2011 the Company entered into a joint venture agreement with Indochina Coal Pty Ltd (Indochina) to explore and develop coal properties in Laos. In April 2011 the shareholders of Atomic Resources Limited voted to change the name of the company to Intra Energy Corporation Ltd with the new ASX ticker of IEC. On 18 August 2011 Tancoal received the Mining Licence for South Ngaka and commenced mining at the Mbalawala mine, supplying coal to regional industrial customers. In August 2011, IEC, through its majority owned subsidiary, Tanzacoal, completed the acquisition of coal leases in the Songwe-Kabulo region, located to the north of Lake Nyasa in south-west Tanzania. IEC subsequently received a Resource Estimate Report from JB Mining Services Pty Ltd, which confirmed a JORC coal resource of 100 million tonnes comprising 74.7 million tonnes Indicated and 25 million tonnes Inferred.
In March 2012 IEC signed a MOU with Tanzania Electric Supply Company Limited (“TANESCO”) for the development of a 120MW (nett) coal-fired power station in close proximity to the Tancoal mine. In October 2012 IEC announced an upgrade and revision of Tancoal's JORC resources to 423 million tonnes. In January 2013 IEC acquired the operating Nkhachira Coal Mine near Karonga in northern Malawi and operated the mine through its subsidiary Malcoal Mining Limited. As IEC has shifted its focus towards coal, it has recently divested all of its interests in the Uaroo Project to focus on developing coal and energy opportunities.