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    Cokal realizes first revenue from met coal sales

    sxcoal.com Production & Sales,  International,  Coking Coal,  PCI 2023-12-14 13:43:29

    Cokal Limited, listed on Australian Securities Exchange with key focus on metallurgical coal of Indonesia, achieved its first revenue through exports from Bumi Barito Mineral (BBM) coal mine in Kalimantan Tengah, foreign media reported.

     

    Cokal sold 23,000 tonnes of metallurgical coal to International Commodity Trade PTE LTD (ICT) from the BBM coal mine, which comprised of 15,000 tonnes of PCI coal and 80 million tonnes of coking coal as per the terms of the International Coal Marketing Agreement (ICMA).

     

    Cokal's chairman Domenic Martino said that this sale would generate immediate revenue for Cokal and its 60% owned BBM. The coal sold into the export market was superior in prices and terms compared to what was available in Indonesian domestic market.

     

    Domestic sales of coking coal and PCI coal to local end users in Morowali, Sulawesi are expected to take place in early 2024, he added.

     

    Cokal had already received 80% of the anticipated revenue from this sale by ICT, data said.

     

    The ICMA was part of ICT's $20 million capital investment to fund the development of BBM, which was announced on July 14, 2021 and amended on December 24, 2021.

     

    ICMA facilitated BBM's coal sales for the export market, thereby enhancing conversion of coal stock piles to cash in time.

     

    The ICMA provides ICT with the marketing rights for BBM coal sold on international market, and the ability to purchase coal from BBM at the same price and terms as other customers.

     

    The terms of the ICMA stipulated that BBM could receive 80% of the coal price upon the loading of barges from the Intermediate Stockpile.

     

    (Writing by yan.sun  Editing by Emma Yang)
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