Churchill raises ?5m through shares placement

UK mining firm Churchill Mining Plc said Wednesday that it has raised ?5 million by placing of 10 million shares at 50 pence each with institutional investors.

The money will be used to develop the East Kutai Coal Project, in East Kalimantan and for general working capital, the company said.

Churchill Mining has more than doubled its thermal coal resource at the East Kutai Coal Project (EKCP) to 3.18 billion tons from previously reported JORC compliant resource of 1.4 billion tons and is eyeing create a bulk mining operation producing up to 20 million tons of coal per annum. (denny)