Cokal hives off Queensland tenements

COKAL has divested its Queensland coal exploration assets to Chinese interests for $2.06 million so it can focus on developing its Bumi Barito Mineral project in Indonesia.
Cokal hives off Queensland tenements Cokal hives off Queensland tenements Cokal hives off Queensland tenements Cokal hives off Queensland tenements Cokal hives off Queensland tenements

Peter Lynch, image courtesy of Cokal.

Lou Caruana

Cokal said the Queensland tenements were sold to XMC Australia Pty Ltd, a wholly owned subsidiary of Xuzhou Coal Mining Group Corporation.

After costs, Cokal received $1.85 million following approval by the Australian Foreign Investment Review Board, Chinese government regulatory and Queensland government.

Cokal executive chairman Peter Lynch said: “The sale will enable Cokal to focus on development of its Indonesian assets, particularly its Bumi Barito Mineral [BBM] project.

“Recently, the BBM project achieved three important milestones, having completed and submitted the EIS, together with the applications for a mining licence and a production forestry permit.

“Furthermore, Cokal recently announced the 75% acquisition of the tenement adjoining its BBM metallurgical coal project, Tambang Benua Alam Raya (TBAR).”

Executive director Pat Hanna said: “Based on our exploration success at the BBM project we have secured the TBAR area as there is reasonable potential to find the premium coking coal seams in BBM to extend down into TBAR.”

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