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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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Monday, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
Friday, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
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- Directorate Of Revenue Intelligence - India
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- Planning Commission, India
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- Global Business Power Corporation, Philippines
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- Toyota Tsusho Corporation, Japan
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- The State Trading Corporation of India Ltd
- The University of Queensland
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- Eastern Coal Council - USA
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- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
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- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
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- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
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- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
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- IEA Clean Coal Centre - UK
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Kumho Petrochemical, South Korea
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- Kalimantan Lumbung Energi - Indonesia
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- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
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- Indonesian Coal Mining Association
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- McConnell Dowell - Australia
- Wilmar Investment Holdings
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- Tamil Nadu electricity Board
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- The Treasury - Australian Government
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- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
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- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
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- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
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- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
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- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
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- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
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- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
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- TeaM Sual Corporation - Philippines
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- Electricity Authority, New Zealand
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- Economic Council, Georgia
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