Name of the Project
Bumi Barrito Minerals (BBM) pulverised coal injection startup project.

Location
Close to the Barito river, in Kalimantan, Indonesia.

Project Owner/s
Cokal subsidiary PT Bumi Barito Minerals.

Project Description
BBM contains a Joint Ore Reserves Committee-compliant coal resource estimate of 266.6-million tonnes comprising 19.5-million tonnes measured, 23.1-million tonnes indicated and 224-million tonnes inferred resources.

The project involves the development of a two-million-tonne-a-year opencut mining operation over ten years.

Cokal has environmental approval to mine at a rate of up to six-million tonnes a year, with the mining licence valid for 20 years, with a further two extensions of ten years each.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
$68-million.

Planned Start/End Date
Nameplate capacity is expected to be reached by 2024.

Latest Developments
Cokal will raise A$16-million to accelerate metallurgical coal production at BBM, where first saleable coal was recently produced.

Cokal will place 100-million new fully paid ordinary shares to institutional and sophisticated investors, at 16c each, representing a 13.5% discount to Cokal’s last trading price.

The shares will be issued under the company’s existing placement capacity, and will not require shareholder approval.

M Resources, and its chairperson and president Matt Latimore, will subscribe for A$5-million in the placement.

Proceeds from the placement will be used to fund several initiatives in 2023, including progressing the ramp-up of saleable production to two-million tonnes a year and beyond over the next two years, building a fully automated conveyor loading and unloading system at the Batu Tuhup Jetting, and completing a drilling programme at resource definition at its other assets.

Key Contracts, Suppliers and Consultants
HPU (mining contractors); and CBQ (openpit overburden mining services).

Contact Details for Project Information
Cokal, tel +61 7 3212 6299 or email info@cokal.com.au.