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Cokal enters discussions with Blackspace

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World Coal,

Cokal has entered into discussions with Indonesian company Blackspace to provide funding to the development of Cokal’s Bumi Barito Mineral Coal Project (BBM), a metallurgical coal project in Central Kalimantan, Indonesia.

Blackspace is focused on building a mining and natural resources processing business in Southeast Asia and has recently spent over US$500 million to acquire a number of projects.

A Blackspace-controlled company has recently acquired a number of Cokal’s non-core tenements including Cokal’s 75.2% stake in PT Silangkop Nusa Raya and PT Kenungau Nusa Raya ad 75% stake in PT Anugerah Alam Manuhing.

The sale of these non-core tenements, along with the potential for additional development funding, may allow Cokal to restructure its balance sheet and begin construction on BBM. The discussions with Blackspace have the support of Cokal’s largest shareholder and debt provider, Platinum Partners.

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