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Cokal releases annual mineral resource and reserve statement

Published by
World Coal,


Cokal Ltd has released its annual statement of mineral resources and ore reserves as at 30 June 2021.

Highlights

  • Significant growth in reported ore reserves for the Bumi Barito Mineral (BBM) project to 23.1 million t, representing an increase of 22% y/y.
  • Highly attractive financial metrics with a net present value (NPV) for the BBM Project estimated at US$255.3 million (AUS$350.2 million).
  • Lucrative opportunity to continue converting BBM’s large 260 million t metallurgical coal mineral resources to ore reserves, translating to anticipated future increases in forecast annual production and/or mine-life extensions.
  • An upcoming drilling programme at the Tambang Benua Alam Raya (TBAR) Project, contiguous to BBM and prospective for large-scale metallurgical coal deposits, is anticipate to result in a maiden JORC Resource in 2022.

This statement demonstrates the continued execution of Cokal’s strategy of achieving low-cost, high-margin metallurgical coal production, with saleable production from BBM (Cokal 60%) commencing 4Q21.

Changes in mineral resources and ore reserves are driven by the continuing technical work undertaken at BBM, updated long-term coal price assumptions, and refinement of life-of-mine operating assumptions, including operating costs and development capital expenditure.

Coka notes the significant and comprehensive technical work previously completed at BBM, including the feasibility study undertaken by Resindo Resources & Energy Indonesia, announced on 13 February 2014; and an updated feasibility study, indicating significant reductions in BBM operating costs and capital costs, undertaken by Resindo, announced 2 November 2016.

Read the article online at: https://www.worldcoal.com/coal/01102021/cokal-releases-annual-mineral-resource-and-reserve-statement/

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Indonesia coal news