Cokal completes EIS, applies for IUP Operation
Friday, January 18 2013 - 06:48 AM WIB
ASX-listed Cokal Limited has in the last week announced the completion of is Environmental Impact Study (EIS) and the application for a mining licence (IUP Operation / Production) for the company?s 60% owned Bumi Barito Mineral (BBM) project in Central Kalimantan, Indonesia.
In October 2012 the company released the results of its Prefeasibility Study (PFS) which confirmed BBM as a highly attractive project with low CAPEX and OPEX compared to its peers.
The first stage of the project, a 2Mtpa direct ship operation, has an NPV of US$497M (100% basis) at a 10% discount rate real.
The company has commenced an expanded drilling effort with large capacity drills to focus on the conversion of the previous announced 200Mt to 350Mt Exploration Target to JORC Resources.
The additional resources will underpin a second stage expansion of the BBM project. The first stage project is based on the existing 70Mt Inferred and 7Mt Indicated JORC Resources.
Editing by Er Audy Zandri