Cokal completes sale of Australian tenements
Thursday, March 7 2013 - 01:57 AM WIB
ASX-listed metallurgical coal group Cokal Limited said it has completed the sale of its Queensland tenements to XMC Australia Pty Ltd, a wholly owned subsidiary of Xuzhou Coal Mining Group Corporation (XMC).
In accordance with the tenement sale and purchase agreement, A$2.06 million ($1.85M net costs) has now been received following approval by the Australian Foreign Investment Review Board, Chinese government regulatory and Queensland government, the company said in a statement obtained Thursday.
?The sale will enable Cokal to focus on development of its Indonesian assets, particularly its Bumi Barito Mineral (BBM) project,? said Cokal Executive Chairman Peter Lynch.
Recently, the BBM Project achieved three important milestones, having completed and submitted the Environmental Impact Study (EIS), together with the applications for a mining license and a production forestry permit.
Furthermore, Cokal recently announced the acquisition of 75% of the tenement adjoining its BBM metallurgical coal project, Tambang Benua Alam Raya (TBAR).
Cokal?s Executive Director Pat Hanna said ?Based on our exploration success at the BBM project we have secured the TBAR area as there is reasonable potential to find the premium coking coal seams in BBM to extend down into TBAR?.
Editing by Reiner Simanjuntak