Cokal gains ground at BBM
PERTH (miningweekly.com) – Coal hopeful Cokal is a step closer to developing its Bumi Barito Mineral (BBM) coal project, in Indonesia, after receiving an in-principle forestry permit.
The permit was the last stage before a borrow and use of forest area permit was issued, which would allow Cokal to start construction and mining at BBM.
“We are pleased that the final stage in forestry permitting is nearing completion. The effort of our team to achieve this milestone in the timeframe is testimony to the way in which Cokal has been able to work in a professional manner with stakeholders from all three levels of government,” said Cokal chairperson Peter Lynch.
He noted that the company had the ability to expand the operation from the initial two-million tonnes a year, up to potentially six-million tonnes a year for future development, which considerably increased Cokal’s confidence in the success of the project.
A feasibility study estimated that a capital investment of $75-million would be required to build the operation. Based on the current resource of 261-million tonnes, the project would have an estimated life of ten years.
Lynch said that in addition to providing written undertakings regarding the payment of relevant taxes and rehabilitation, the company would spend the next two to three months completing the pegging of the borrow and use forest area and would satisfy all the conditions required by the in-principle forestry permit.
The company hoped to start production at BBM in the second half of 2015.
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