Churchill appoints Credit Suisse strategic advisor to develop coal project

UK coal mining firm Churchill Mining Plc announced on Monday appointment of Credit Suisse as a strategic advisor to Churchill to develop its East Kutai Coal Project (EKCP) in East Kalimantan.

EKCP is a world-class thermal coal deposit, with a JORC Mining Reserve of 956 million tonnes and a JORC Mining Resource of 2.481 billion tonnes.

Churchill and its Indonesian partner, the Ridlatama Group, are currently progressing with the development of the EKCP. The project is planned as a 20 million tonnes per annum operation.

Credit Suisse will work with Churchill to complete a strategic review process, which will evaluate the various options for financing the development of the EKCP, including the development of the project with a joint venture partner or the conclusion of a long-term offtake arrangement.

Having completed over $13 billion of Indonesia-related coal transactions in the last five years, Credit Suisse is considered the pre-eminent international investment bank in the Indonesia coal space, the Company said. (alex)