Cokal completes bridging loan
Wednesday, April 9 2014 - 09:58 AM WIB
ASX-listed global metallurgical coal group, Cokal Limited, announced on Wednesday that it has fully drawn the US$3.5 million bridging loan from Platinum Partners.
?The parties are now working to finalizing the project funding facility offered by Platinum Partners,? the firm said in a statement filed with the Australian Stock Exchange..
The amount of the initial facility is being finalized but will be in the order of $80 million to $100 million. The facility will be sufficient to fund construction and commissioning of Cokal?s 2 mtpa Bumi Barito Mineral (BBM) Project and Cokal's general working capital requirements during this phase of development.
The bridging loan can be rolled into the facility once it is in place.
The BBM Coal Project is situated in Central Kalimantan, in the prospective metallurgical Upper Barito Coal Basin, Regency of Murung Raya. The project covers an area of 14,980 hectares. The project is adjacent to the BHP Billiton?s, Indomet Coal, Joloi Project in Murung Raya Regency.
BBM currently has a JORC Coal Resource of 261Milli on tons (Mt) in multiple seams comprised of 10.5Mt Measured, 13.5Mt Indicated an d 237Mt Inferred Coal Resources.
Editing by Johannes Simbolon