Cokal directly owns all its Indonesian projects

By Peni Pedriawan

Global metallurgical coal group Cokal Ltd confirms that it holds a majority direct ownership and has operational control in its five projects in Central Kalimantan.

The five projects are Borneo Bara Prima, Bumi Barito Mineral, Anugerah Alam Katingan, Puruk Cahu and Anugerah Alam Manuhing.

In its statement to ASX, Cokal said that the purchase of the projects had complied with regulation in Indonesia with the approval from Investment Coordinating Board (BKPM).

Cokal is a direct shareholder, via its fully owned Singapore subsidiaries, in all five Indonesian companies who hold the Indonesian exploration tenements.

The 2009 Mining Law provides for up to 100 percent foreign ownership of the new Indonesian mining tenements, IUPs, by way of a formal process of application and approval.

Cokal Chairman Peter Lynch said ?by establishing Cokal?s direct ownership and control in the underlying exploration tenure, along with having received subsequent confirmation on Cokal?s tenure from the Indonesian Government, he believes that Cokal is placed in the strongest possible ownership position.?

Editing by Adianto P. Simamora