The company posted a $6.3 million after-tax loss for the 2011-12 financial year, up considerably from the $2.6 million after-tax loss it posted in 2010-11.

On July 13, 2011, the company entered into a cooperation agreement with Mozambique Mining Exploration Company to explore tenements in Mozambique for coal mining potential.

On September 21, 2011, it bought 10% of the shares of the Bumi Barito Mineral and Borneo Bara Prima projects. It holds 60% ownership in the projects.

During the financial year Cokal grew its net assets from $36.2 million to $63 million.

The increase has largely resulted from capital raisings and increasing its exploration expenditure, partly offset by operating losses.

Cokal’s working capital has grown from $9.1 million to $28.9 million.

Over the past financial year the company has invested in finding coal resources in the Central Kalimantan coking coal basin in Indonesia and in a joint venture to explore for coal in Tanzania with Tanzoz Resources.

Cokal executive chairman Peter Lynch said in a letter to shareholders that the company’s main success and upside had been unveiling itself in Indonesia.

“A major achievement during the year was the announcement of the maiden JORC resource at Cokal’s premier project Bumi Barito Mineral,” he said.

“Initially 60 million tonnes of inferred resources, this has recently increased with the addition of a new seam discovered to become 77Mt of total resources, 7Mt indicated and 70Mt inferred being 70% coking and 30% PCI [pulverised coal injection].

“We have also provided guidance on the ultimate size potential of the project, announcing an additional exploration target of 200 to 350Mt down to a depth of 200 metres.”