https://www.miningweekly.com

Cokal's BBM achieves first revenue

13th December 2023

By: Creamer Media Reporter

     

Font size: - +

Indonesia-focused Cokal has achieved first revenue from the sale of 23 000 t of metallurgical coal to International Commodity Trade (ICT) under an offtake agreement, the ASX-listed company announced on Wednesday.

The sale, comprising 8 000-million tonnes of coking coal and 15 000-million tonnes of PCI coal, would generate immediate revenue for the company and its 60%-owned Bumi Barito Mineral (BBM) mine, chairperson Domenic Martino stated.

Cokal has been paid 80% of the anticipated revenue from the sale, he reported.

“The coal has been sold into the export market as pricing and terms are superior to what is available in the Indonesian domestic market,” stated Martino.

He added that sales to local end-user clients in Morowali, Sulawesi, would start in early 2024.

The international coal marketing agreement with ICT formed part of a $20-million capital investment that ICT provided to Cokal to fund the development of BBM.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION