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New UserCokal (ASX:CKA) locks in more contracts for Indonesian coal mine
19 Mar 2021
Cokal (CKA) has finalised coal transportation and equipment rental contracts for the development of its Bumi Barito Mineral coal mine in Indonesia.
It takes the company's total secured mining production contracts with Harmoni Panca Utama to three after entering a binding agreement with the service provider in February.
The coal transportation and equipment rental contracts are expected to set Cokal back some US$373 million (approximately A$481.8 million) over five years, which the company says will be funded from coal sales.
Cokal has indicated it will initiate a drawdown of its US$20 million (roughly A$25.8 million) debt finance facility to meet initial payment obligations.
It forms part of Cokal's border endeavours to commence development at Bumi Barito, for which it has sufficient approvals to commence, but still requires finalisation on certain operational and logistical elements.
In terms of remaining items, Cokal says the fuel supply contract and drill and blast contracts are under final negotiations and the long-haul contract for coal transportation has "essentially" been agreed.
The company has not yet indicated a predicted start date for the mine.
Source : https://themarketherald.com.au