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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Coal and Oil Company - UAE
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- Eastern Energy - Thailand
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- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
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- Singapore Mercantile Exchange
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- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
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- Ministry of Finance - Indonesia
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- PowerSource Philippines DevCo
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- Star Paper Mills Limited - India
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- Parliament of New Zealand
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- Mintek Dendrill Indonesia
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- Timah Investasi Mineral - Indoneisa
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- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
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- Larsen & Toubro Limited - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Bukit Asam (Persero) Tbk - Indonesia
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- Eastern Coal Council - USA
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- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
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- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
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- Vedanta Resources Plc - India
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- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
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- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
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- Thiess Contractors Indonesia
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- Alfred C Toepfer International GmbH - Germany
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- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
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- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
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- Central Java Power - Indonesia
- Australian Coal Association
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