- Cokal (CKA) begins producing saleable coal at its 60-per-cent-owned Bumi Barito Mineral (BBM) mine in Indonesia
- Though initially scheduled for September, CKA says production has now officially begun, and product coal is being stockpiled at the mine site, ready for transport
- The company expects to receive its first revenue from coal sales by mid-November
- Cokal forecasts production of between 150 kilotonnes to 200 kilotonnes of coal by the end of this year, ramping up to 1.6 million tonnes in 2023
- Cokal shares are up 2.22 per cent to 23 cents at 10:22 am AEDT
Cokal (CKA) has begun producing saleable coal at its 60-per-cent-owned Bumi Barito Mineral (BBM) mine in Indonesia.
Earlier this year, the company maintained it was on schedule for the production of the first saleable coal in September, and Cokal last month told investors its first coal-getting operation was scheduled for September 30.
Today, CKA revealed production had officially begun, and product coal was being stockpiled at the BBM mine site, ready for transport.
Cokal said it expected to receive its first revenue from coal sales by mid-November
The company has forecasted production of between 150 kilotonnes to 200 kilotonnes of saleable coal by the end of this year, with the mining contractor to begin an additional shift by the end of October to ramp up production.
Next year, Cokal said it expected production to increase to 1.6 million tons of coal before reaching nameplate capacity of one million tonnes of saleable coal in 2024.
Cokal shares were up 2.22 per cent to 23 cents at 10:22 am AEDT.