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Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
 COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silangkop Nusa Raya (SNR), which holds three exploration licenses in West Kalimantan near the Malaysian border (SNR Licences). The SNR Licenses cover an area of approximately 13,000 hectares, according to the company 's statement posted on company's website.
Cokal’s Executive Chairman, Peter Lynch said “that while recent exploratory work for metallurgical coal in the area was limited, surface samples of coal from surrounding areas had shown good coking coal properties and I am excited by the possibility of opening up a new area”. The table below shows the analytical results of surfaces samples taken from weathered outcropping coal seams from areas surrounding the SNR License area that are believed to continue into the SNR License area.
While little work has been done recently, earlier work in the area identified potential coking coal in the region. A review of the geological records of the area found that work done by a major Japanese coal company had identified coking coal bearing formations close to the western border of the SNR Licenses.
CEO, Mr James Middleton, said that the company intends to start a greenfield exploration programme in West Kalimantan to further determine the potential of the region. Cokal believes that the SNR properties are strategically placed within the region and have the potential to yield high value coking coal.
The final administrative details associated with the proposed acquisition are expected to be finalized in the June quarter of 2012 with initial mapping and preliminary geological work to start shortly after. As this is in effect a greenfield exploration programme, significant base line exploration (scout work and mapping) and approvals will be required before moving into drilling and subsequent phases of exploration. The acquisition cost is A$722,000 cash. Under the agreement, Cokal has acquired 75.2% of the equity of PT Silangkop Nusa Raya, the Indonesian Company owning the exploration licenses. Local Indonesian partners will hold the balance of the equity in PT Silangkop Nusa Raya. Cokal's local Indonesian partners have an option to finance their share of the project exploration and development costs through a loan from Cokal, at commercial interest rates, repayable out of their share of the future profits of PT Silangkop Nusa Raya.
The proposed acquisition has received Indonesian regulatory approval and PT Silangkop Nusa Raya has been converted to a PMA Company. Under Indonesian law a PMA Company is able to have up to 100% foreign ownership.
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 Tanzoz Resources to explore for coal in Tanzania and a cooperation agreement with Mozambique Government Mining Corporation, EMEM, to explore for coking coal in the emerging coal province of Mozambique.
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Friday, 23 September 11
UT TO PRODUCE 7 MMT OF COAL BY 2012
PT United Tractors Tbk is targeting a 7 million tons of coal production next year, a 55.55% increase from 4.5 millions targeted this year, said Pres ...
Friday, 23 September 11
RECORD RECYCLING ACTIVITY STIRS OPTIMISM IN DRY BULK SAYS BIMCOS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected at the start of the year, dry bulk ship owners were expected to flock scrapyards around the world, in order to take advantage of attract ...
Friday, 23 September 11
PANAMAX EXPERIENCED A SOFTENING IN RATES - FEARNLEYS AS
Handy
Still a good boost of fresh cargoes entering the market. Vessels in Black Sea with GOA clearance and Baltic positions are fetching tick abov ...
Wednesday, 21 September 11
INDIA'S COAL IMPORTS FROM INDONESIA FALL, CHINA BUYS MORE
COALspot.com - Indian coal imports from Indonesia fall to below 6 million tons in August, and this fall was continuing last few months. Ho ...
Wednesday, 21 September 11
2ND ANNUAL SHALE GAS SUMMIT
2nd Annual Shale Gas Summit 31 October – 3 November 2011 JW Marriott Hotel, Hong Kong
According to a recent EI ...
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- Tata Chemicals Ltd - India
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- Metalloyd Limited - United Kingdom
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- Parliament of New Zealand
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- The University of Queensland
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- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- TNB Fuel Sdn Bhd - Malaysia
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- Holcim Trading Pte Ltd - Singapore
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- Australian Coal Association
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- Deloitte Consulting - India
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- Barasentosa Lestari - Indonesia
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- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
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- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
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- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
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- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
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- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
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- Bukit Asam (Persero) Tbk - Indonesia
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- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
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- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
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- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
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- PowerSource Philippines DevCo
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- PTC India Limited - India
- Eastern Coal Council - USA
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- Minerals Council of Australia
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- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
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