Cokal receives payment for maiden coal sale from BBM Anak project
Tuesday, December 19 2017 - 04:14 AM WIB
ASX-listed coking coal firm Cokal Limited said it has received 50 percent of the total sale value for the maiden 10,000-ton sale of coal from the BBM Anak project, in Indonesia?s Central Kalimantan Province.
Two 5,000-ton barges have arrived at the ISP located near Muara Teweh city, the company said in a statement last week. Consequently, and in accordance with the Sale Agreement, Cokal has been paid 50 percent of the total value of the sale.
On completion of loading the two barges, the coal will be surveyed and analyzed to confirm the quality and volume of the cargo. Prior to being towed down the Barito River, an additional 30 percent of the total sale value will be received, the company said.
The remaining 20 percent will be paid once the customer has received the cargo at the mouth of the Barito River, which is expected to take around seven days, Cokal said.
?We have almost completed the full coal supply chain,? Cokal?s CEO Pat Hanna said, ?We have mined the coal from an openpit operation at BBM Anak, transferred it to an Intermediate Stockpile downstream, and finally we have completed a sale and will deliver the coal to the customer. This has never been done before from so far up the Barito River.?
Editing by Reiner Simanjuntak