BKPM issues new license for Cokal?s BBM project
Monday, November 6 2017 - 01:38 AM WIB
ASX-listed coking coal company Cokal Ltd said that the Indonesian Investment Coordinating Board (BKPM) had on September 22 of this year issued a decree for a new operation and production mining business license (IUP-OP license) for its Bumi Barito Mineral (BBM) metallurgical coal mine project in East Kalimantan Province.
Cokal said that the BBM IUP-OP license will be valid until April 29, 2023.
The company said that BKPM issued the new license as authority over mining business license held by foreign investment company such as Cokal has been transferred from local administration (Murung Raya Regency administration) to the central government following the introduction of new mining regulations.
BBM?s Production IUP (mining license) covers an area of 14,980 hectares (ha), immediately adjacent to Indomet?s Juloi tenement, straddling the Barito River and has multiple seams of high quality metallurgical coal. Cokal has secured the required various licenses to start mining activity including environmental approval for an annual total production of 6 million tons.
Editing by Reiner Simanjuntak