Cokal gets $150m debt funding offer
PERTH (miningweekly.com) – Coal developer Cokal has received a proposed debt funding facility of about $150-million from an international consortium to fund its two-million-tonne-a-year Bumi Barito Mineral (BBM) project, in Indonesia.
The company told shareholders on Wednesday that it had entered into detailed negotiations with the consortium, in the form of a memorandum of understanding, which was subject to various terms and conditions, including due diligence and obtaining the necessary regulatory approvals to advance the project.
The ASX-listed company is also in continued discussions with other parties to finalise the necessary funding to start construction at BBM.
The project is estimated to have a resource of 264-million tonnes, of which 10.5-million tonnes has been classified as measured, 13.5-million tonnes as indicated, and the balance as inferred.
Cokal is undertaking a definitive feasibility study on the BBM project, with the company hoping to be in production by the first half of 2014.
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