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Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
 Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coal-fired power stations in the regency of Murung Raya, Central Kalimantan in Indonesia.
Cokal chairman Peter Lynch said the company has signed two MoU’s with the Murung Raya Regency and was aiming to be exporting coal from the region by mid-2013. Detailed Agreements arising from these MoU’s are currently being finalised.
Cokal Managing Director & CEO Jim Middleton and Director Domenic Martino attended a signing ceremony with the Head of the Murung Regency Government, Bp Willy Yoseph, in the capital, Puruk Cahu (along with the Head of the Local House of Representatives). Mr Willy Yoseph commented that he was very happy to have Cokal, with its experience and skills, committed to working with the Regency to develop infrastructure to mutual benefit.
Cokal has previously confirmed high quality premium metallurgical coal at its 60% owned Bumi Barito Mineral (BBM) project in Central Kalimantan. Cokal announced a maiden Inferred Resource of 60Mt of Metallurgical Coal, comprising 60% coking and 40% PCI, in December 2011. The Inferred Resource covered 8% of BBM’s 19,920 ha, which is located immediately adjacent to BHPBilliton’s Juloi tenement.
Mr Lynch said Cokal’s first MoU with the regency was to develop two river ports for coal stockpiling and barge loading on the Barito River to service the needs of BBM as well as other future Cokal projects in the regency.
He said the second MoU is for the potential development of two small scale coal-fired power stations (5 -10MW) in the regency. This could service the needs of proposed Cokal mines in the area, as well as providing benefits to the local community.
Mr Middleton announced that the Regency Government’s Development Corporation would be a joint venture partner with Cokal, and is committed to provide assistance for this infrastructure development.
“This co-operation and assistance will help us to quickly move into the production phase. The Regency Government is enthusiastic about the mine development as it brings jobs, education and prosperity to the region. “Cokal has committed to a high level of community engagement through an effective community social responsibility program focused on education and training, employment and local infrastructure development.
Mr Middleton said concept studies for the port infrastructure and power stations will commence immediately, funded by Cokal. “Subject to a positive outcome of the studies, Cokal will be examining a range of options whereby this vital infrastructure may be project financed,” he said.
Kalimantan is located favourably in a geographic sense, being on the doorstep of the world’s biggest and strongest growing markets.
Mr Lynch commented that the MoU’s and the corresponding planned Agreements, are part of expediting planned metallurgical coal production in this high quality coal basin, while providing significant benefits to the local community.
Source: Cokal website
About Cokal Limited
Cokal (ASX:CKA) is an Australian listed company with the objective of becoming a metallurgical coal producer with a global presence. Cokal has interests in four projects in Central Kalimantan, Indonesia considered prospective for metallurgical coal. Cokal has also signed a joint venture with Tanoz Resources to explore for coal in Tanzania and a co-operation agreement with Mozambique Government Mining Corporation, EMEM, to explore for coking coal in the emerging coal province of Mozambique.
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Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
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- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
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- Metalloyd Limited - United Kingdom
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