- Cokal (CKA) releases its annual statement of mineral resources and ore reserves for its Bumi Barito Mineral (BMM) project in Indonesia
- Significant growth was reported in ore reserves to 23.1 million tonnes, representing an increase of 22 per cent year on year
- The report also showed highly attractive financial metrics with a net present value (NPV) for the BBM Project estimated at US$255.3 million (A$350.2 million)
- These results show a profitable opportunity to continue to convert BBM’s large 260 million tonnes coking coal mineral resource to ore reserves
- Cokal is down 7.81 per cent, trading at 14.8 cents per share at 3:02 pm AEST
Cokal (CKA) has released its annual statement of mineral resources and ore reserves for its Bumi Barito Mineral (BMM) project in Indonesia.
This statement demonstrates Cokal’s strategy of achieving low-cost, high-margin coking coal production.
Significant growth was reported in ore reserves to 23.1 million tonnes, representing an increase of 22 per cent year on year.
The report also showed highly attractive financial metrics with a net present value (NPV) for the BBM Project estimated at US$255.3 million (A$350.2 million).
These results show a profitable opportunity to continue to convert BBM’s large 260 million tonnes of coking coal mineral resource to ore reserves. This will later than increase future forecasts annual production and/or mine-life.
BBM is a high quality metallurgical coal project located in the Central Province, Kalimantan, Indonesia, with an area of approximately 1500 hectares.
The project is currently under development with first production scheduled for the first quarter of 2021.
Additionally, an upcoming drilling program at the TBAR Project, located next to BBM, is anticipated to result in a maiden JORC Resource in 2022.
Cokal was down 7.81 per cent, trading at 14.8 cents per share at 3:02 pm AEST.