Intra Energy Corporation (IEC)

Shares / Stock Code

IEC

Stock Exchange / Sharemarket

ax

Intra Energy Corporation (IEC), formerly Atomic Resources Limited, is an Australian-based exploration and resource development company with major thermal coal assets in Tanzania. The company's operating arm in Tanzania is Tancoal Energy Limited, which was formed by a Joint Venture between Intra Energy Corporation Ltd and the National Development Corporation of Tanzania (NDC).

The company’s Tanzanian projects include Ngaka Coalfield, which lies to the south west of Tanzania in a remnant Karoo basin; Mbamba Bay coalfield, which is located approximately five kilometers southeast of the Mbamba Bay port; Liweta concession, which is located approximately 10 kilometers south of Mbamba Bay coalfield; Mbuyura and Mkapa; Rukwa coal field, and Bahi and Tunduru, which were engaged in uranium exploration. The three concessions comprising the Bahi project: Bahi, Bahi North and Handa. The project is located with in the Bahi region of northern Tanzania. Its Australian projects include Uaroo project, Ashburton, Eraheedy and Tanami.

Intra Energy Corporation Company History

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 placed and the appointment of new COO, former Director of Coal Operations Australia for Vale, Mr. Michael Mapp.

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.

On April 28 2011, Atomic Resources shareholders voted in favour of changing the name to Intra Energy Corporation to better reflect the company’s activities, as IEC focuses on coal energy projects across Africa, Asia and Australia.