The name change was approved by shareholders at the company’s annual general meeting on May 14 with the ASX listing code of PAK remaining.
Chairman Geoff Hill told last week’s AGM that the change was in keeping with the company’s strategy of developing additional business lines to complement the coal business.
READ: Pacific American Coal enters alternate energy joint venture with hydropower turbine manufacturer
While the company is still focusing on its flagship Elko Coking Coal Project in Canada, it has recently also branched out into renewable energy after identifying it as a priority due to its high growth potential.
Hill said at the AGM: “We have joined forces with a leading technology partner in Global Hydro Energy GmbH to form a new Singaporean based 50/50 joint venture company to be called Global Pacific Hydro.
“GP Hydro has a clear business strategy to grow an alternative energy business focused on hydro and hybrid projects in the Pacific region and Australia.
“Our business development team has been working with Global Hydro to develop a joint business plan which can take advantage of Global Hydro’s world-class micro hydro technology and PAK’s project development and regional knowledge.
“GP Hydro has a well‐defined regional and market strategy which will focus on hybrid and micro grid projects as well as pumped hydro opportunities in Australia, PNG and the Pacific Islands.
“Opportunities to deploy Global Hydro’s proven technology in the region exist in various sectors including farming, off-grid industrial uses as well as in isolated communities and government projects.”
Clean energy opportunity
He told shareholders that there was a significant opportunity in clean energy in Australia and the Pacific.
“With the global focus on alternative energy, global investment in clean energy exceeded $300 billion for the fifth year.
“The energy sector in Australia is also moving its focus to clean energy with $9.5 billion invested in clean energy in 2018.
“Australia is at the forefront developing renewable projects and offering aid for Pacific nations to switch from high-cost and environmentally unfriendly diesel to renewable energy.
“We believe this expansion is a low-risk, high-impact entry strategy into hydro is an exciting new growth business for our company,” he added.
Of Elko, Hill said at the AGM that the results of a 2018 drilling program had exceeded expectations.
“Our exploration team successfully completed nine rotary and core holes for 3,451 metres of drilling.
“All holes intersected multiple coal seams, with all works completed within budget and without any lost time injuries.
“Final assay and coal quality results were incorporated into an updated JORC resource.
Elko resource increase
“The result was an 18% increase in our total resource to 303 million tonnes with measured resource increasing by 98 million tonnes to 117.6 million tonnes and indicated resource increasing by 36 million tonnes to 93.2 million tonnes.”
He told shareholders that the coal quality results also came in better than expected, with moderate to high FSI and low ash.
“This new and updated information is supportive that the Elko project contains a large coking coal resource with the potential ability to produce a range of coking and metallurgical coal products.”
He said the company’s focus at Elko was turning to commercial development of the project.