Cokal raises ownership in Bumi Barito dan Borneo Bara

JAKARTA: Cokal Ltd, a global metallurgic coal group, has increased its ownership on Bumi Barito Mineral and Borneo Bara Prima projects in Central Kalimantan.The company purchased additional equity of 10% to bring it to 60% after previously acquiring 50% ownership in those two projects.Under the arrangements, the local partner with be paid a combination of cash and shares at a cost broadly in line with the price that the company paid for its original equity position in 2010.The transaction will be subject to the normal regulatory approvals. Last week, Cokal confirmed high quality premium metallurgical coal at its Bumi Barito Mineral (BBM) project in Central Kalimantan. BBM covers an mining area of 20,000 ha, nearby to BHP Billitons Juloi tenement.We now have results from four fully cored boreholes and one channel sample. The results show the coal quality ranges from premium coal to ultra low volatile PCI, said Executive Director of Cokal Pat Hanna in a statement to Australia Stock Exchange (ASX).Cokal Ltd, formerly known as Alterra Resources Ltd. also owns 75% shares in two other coal projects with a total area of 15,000 ha. Those two projects are still under exploration process managing by PT Anugerah Alam Manuhing and PT Anugerah Alam Katingan. (T03/NOM)