With reference to your article on Asia Pacific Resources (T.N.M., Jan. 2-8/04), it is important to note that, according to the terms of the memorandum of understanding signed with China’s state-owned Enterprise Co. (CSEIC), Asia Pacific Resources and CSEIC have agreed to work together to develop the Udon Thani deposit in Thailand. This development is to be achieved through securing long-term, off-take commitments for the supply of potash to China and by arranging financing of approximately US$300 million. Your article might lead readers to assume that an agreement had been finalized, which is not currently the case.
The article also states that the Udon North deposit “is home to a billion tonnes of sylvinite ore,” implying a reserve of this amount. In fact, at this point, as noted in Asia Pacific’s filings, only a resource has been delineated.
Forbes West
Investor Relations
Asia Pacific Resources
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