Cokal Limited has signed an agreement with Petrosea to increase metallurgical coal production.

Aug 01, 2024

Cokal Limited (ASX: CKA) secured an essential partnership with PT Petrosea Tbk for contractor and vendor management services through its 60%-owned subsidiary PT Bumi Barito Mineral. This strategic collaboration is a significant step toward expanding operations and increasing coal production at the BBM mine. The agreement provides Cokal with the necessary support to ensure efficient and sustainable coal production. It prepares for production expansion by extending payment terms for mine service providers by an additional 120 days.

Furthermore, Petrosea will be the lead mining contractor at BBM from 2025. This one-year term sheet is subject to the execution of formal binding transaction documentation. Such a collaboration promises a bright future for Cokal's operations and production activities at BBM.

 

 

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