Metals

Cokal‘s BBM achieves first revenue

CBCIE Time:Dec 14, 2023 10:21 Source:miningweekly

Indonesia-focused Cokal has achieved first revenue from the sale of 23 000 t of metallurgical coal to International Commodity Trade (ICT) under an offtake agreement, the ASX-listed company announced on Wednesday.

The sale, comprising 8 000-million tonnes of coking coal and 15 000-million tonnes of PCI coal, would generate immediate revenue for the company and its 60%-owned Bumi Barito Mineral (BBM) mine, chairperson Domenic Martino stated.

Cokal has been paid 80% of the anticipated revenue from the sale, he reported.

“The coal has been sold into the export market as pricing and terms are superior to what is available in the Indonesian domestic market,” stated Martino.

He added that sales to local end-user clients in Morowali, Sulawesi, would start in early 2024.

The international coal marketing agreement with ICT formed part of a $20-million capital investment that ICT provided to Cokal to fund the development of BBM. 

All articles, pictures, reports and other original works on the website that are attributed to CBCIE are non-public information, only for members. No one may reproduce or otherwise use the original content of this website without our permission. If you need to use it, please call
+86 18135172048 to apply for authorisation. CBCIE reserves the right to pursue any infringement and citation contrary to the original intent.

Disclaimer:CBCIE is committed to building a comprehensive and authoritative metal information platform, and strives to provide a full range of data and information services and decision-making support for metal industry researchers and practitioners. However, the information on this website is for reference only and is not intended as direct advice for investors' decision-making. Any investment, purchase, sale or operation based on the information on this website should be at your own risk and is not related to CBCIE.

Contact us

Contact us for more CBC information and services.

Get in touch
CBC专家咨询 关闭
close
WeCom

CS Manager:
Zizhen Zhang

+86 18135172048