COKAL to swap BBM?s shares for supply contract
Wednesday, May 29 2013 - 06:11 AM WIB
By Rikordias D. Siahaan
ASX-listed coal miner COKAL Limited plans to divest its shares in Bumi Barito Mineral (BBM) project to strategic partners willing to obtain long term coal contract.
?We target to sell small percentage of our shares to strategic partner, about 10-15 percent? said Peter Lynch, CEO of COKAL during an interview with Petromindo.com recently.
Currently COKAL owns 60 percent shares of BBM project while the other 40 percent is owned by domestic partner. BBM coal project is scheduled to be in production stage by April 2014 as COKAL is currently negotiating with contractors for BBM development plan.
Editing by Adianto P. Simamora