Churchill says in talks over financing of Kalimantan coal project
Friday, September 3 2010 - 04:37 PM WIB
Indonesian-focused UK coal mining firm Churchill Mining plc said on Friday that it has held discussions with third parties regarding East Kutai Coal Project, but no firm offer has been agreed.
Churchill announced the appointment of Credit Suisse in April 2010 to complete a strategic review process, in order to evaluate the various options for financing the development of the East Kutai Coal Project (EKCP) in East Kalimantan, including the development of the project with a joint venture partner or the conclusion of a long-term offtake arrangement.
?This strategic review process is ongoing, and the Company will update the market as and when appropriate,? it said.
The company said in July 2010 that it had revised plan to boost planned coal production from EKCP to 35 MTPA from initial plan of 10 MTPA.
The company did not disclose investment required to develop the project. (alex)