Cokal expands Met coal into West Kalimantan
Thursday, April 26 2012 - 01:04 AM WIB
Australia-listed coal firm Cokal Limited announced it has completed the acquisition of 75.2 percent of PT Silangkop Nusa Raya (SNR) , which holds three exploration licenses in West Kalimantan covering the total concession of 13,000 hectares.
Under the agreement, Cokal controls 75.2 percent of the equity of SNR with the local Indonesian partners will hold the balance of the equity.
Cokal?s Executive Chairman, Peter Lynch said ?that while recent exploratory work for metallurgical coal in the area was limited, surface samples of coal from surrounding areas had shown good coking coal properties and I am excited by the possibility of opening up a new area?.
The company said that the final administrative details associated with the acquisition are expected to be finalized in the June quarter of 2012 with initial mapping and preliminary geological work to start shortly after.
Cokal CEO, James Middleton, said that the company intends to start a greenfield exploration program in West Kalimantan to further determine the potential of the region.
Editing by Adianto P. Simamora