Pan Asia Corporation Limited (Pan Asia) is a diversified resources company. Pan Asia owns a 75% interest in its flagship underground high CV thermal coal project, the PT Transcoal Minergy (TCM) Project in South Kalimantan, Indonesia. The Company operates in two segments: Australia and Indonesia. The TCM Project is situated in the Tanah Bumbu Regency of South Kalimantan, approximately 51km from Batulicin. Triumph West Pty Ltd (a wholly owned subsidiary of the Company) has an 80% interest in the operations of PT Roda Niaga and PT Kursan Persada. Innovation West Pty Ltd (a wholly owned subsidiary of the Company) has a 75% interest in PT Transcoal Minergy. In April 2013, Noble Resources Pte Ltd, a wholly owned unit of Noble Group Limited, acquired 5.34% stake in the Company.