BBM is the only Indonesian mining project to obtain full mining approval in the last two years.

Blackspace also wishes to acquire some of Cokal’s non-core tenements. Cokal considers this a sale of isolated non-core tenements located a considerable distance west and north, in another geological formation, from Cokal’s main tenements located in Central Kalimantan.

“It was therefore considered appropriate in the current climate to realize this value and to use the funds for working capital while the board pursue the funding options previously announced,” the company's executive chairman Peter Lynch said in a statement.

Blackspace is focused on developing a significant mining and natural resources processing businesses in Southeast Asia, particularly in Indonesia. It has spent more than $500 million and has acquired a number of projects and operations to build a strong pipeline of high quality developments.

Blackspace also provides project management services to a number of mining and natural resources processing businesses in Southeast Asia.

Its main focus is on mining of high-quality coal and production of ferronickel applying exclusive and unique technology.

Blackspace’s core mission is to efficiently use the natural resources while ensuring long-term sustainable development of projects.

In the framework of the projects’ implementation a new transport infrastructure is being considered.

It will support further industrial development of the regions rich in minerals. A project for construction of railway that will connect Central Kalimantan and the sea in the south of the island was launched - TKRK or Trans Kalimantan Rel Kereta Api.

Moreover, a project for a sea port construction in the south of Kalimantan is also on the agenda. Mined coal will cover domestic industrial demand in Indonesia, and export needs. It will also be used in production cycles of other projects.

Blackspace is also looking at other opportunities of high-quality steam coal mining in Indonesia.