Cokal scores $150M

METALLURGICAL coal producer Cokal has accepted $US150 million ($A162 million) in funding from Platinum Partners.
Cokal scores $150M Cokal scores $150M Cokal scores $150M Cokal scores $150M Cokal scores $150M


Sadie Davidson

The package will initially be used to fund Cokal’s Bumi Barito Mineral coal mine project in Indonesia.

Cokal chairman and CEO Peter Lynch welcomed the financial support from the global financing partner.

“Their experience internationally and in the region coupled with their financial capability adds a significant new dimension to Cokal and its ability not just to get the BBM project into operation but for Cokal to develop its other resources in Indonesia,” Lynch said.

The total amount of the initial facility is being finalised and is predicted to be between $80 million and $100 million.

It also includes a $3.5 million bridging loan to provide funding to advance the BBM project while the facility is being finalised.

The bridging loan can be rolled into the facility once it is up and running.

The BBM coal project is situated in the Regency of Murung Raya’s prospective metallurgical Upper Barito coal basin of Central Kalimantan in Indonesia.

BBM has a JORC coal resource of 261 million tonnes in numerous seams, comprising 10.5Mt measured, 13.5Mt indicated and 237Mt inferred coal resources.

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