CKA - Cokal Limited
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The FY 2022 Annual Report was released yesterday ...
Chairman's Letter Shareholders
Just a few snippets from the report:
We have been fortunate to have engaged with a major partner in Indonesia in Aahana Mineral Resources SDN BHD
(AMR) and International Commodity Trade PTE LTD (ICT) who have bought not only funding to this project but also the
ability to recruit an experienced team that has the capability to deliver our project to production. Shareholders will be
aware that the premium quality of the coal in the BBM project has never been in doubt. The issue has always been
developing the logistics chain to evacuate the coal to market. The financing and execution of the logistics infrastructure
have been the Company’s main challenge. Your Board is pleased to report that these milestones have now been
achieved and we will see constant coal production and sales eventuate, transforming the Company into a successful
coking coal producer and a key player in the metallurgical coal mining industry in Indonesia and the region.
This will transform the company to a successful coking coal producer and a key player in the metallurgical coal mining
industry in Indonesia and the region. The resultant revaluation of the company is accordingly already underway.
Indonesian Coal Assets
Just a few snippets from the Review of Operations:
Cokal holds shares in the following Indonesian coal assets in Central Kalimantan, each with known resources of metallurgical coal:
• 60% of the Bumi Barito Mineral (BBM) project located in Central Province, Kalimantan, Indonesia. The BBM tenement area is 14,980ha;
• 75% of PT Tambang Benua Alam Raya (TBAR) which owns an exploration tenement covering an area of approximately 18,850ha in Central Province, Kalimantan, Indonesia. This tenement is located adjacent to and southeast of the BBM project;
• 60% of the Borneo Bara Prima (BBP) project located in Central Province, Kalimantan, Indonesia. The BBP tenement area is approximately 13,050ha; and
• 75% of the Anugerah Alam Katingan (AAK) project. This project is also located in Central Province, Kalimantan, Indonesia and has an area of approximately 5,000ha. AAK is currently on ‘on-hold’ status by Provincial Police Department (Polda Kalteng). The Police have investigated a dispute over the ownership of AAK pre-dating Cokal’s interest in the Project. Cokal is an aggrieved party and will await the outcome of the Police investigation.
Key Highlights for the year include
• Coal Logistics strategy revised for BBM
• Logging road to bypass the most difficult 190km of Barito River nears completion
• Cokal finalises the purchase of BBM Permanent Jetty Site on Barito River
• Lidar survey and bathymetric survey completed for Batu Tuhup site
• Engineering Designs for jetty facilities including stockpiles, conveyors, barge loader and fuel storage completed
• Mining contracts finalized, including additional mining contractor PT CBQ
• Fuel and explosives supply and drilling contracts awarded
• Equipment mobilised for removal of overburden and initial production of coal
• Pit 3 to Krajan Jetty Coal Hauling Road completed
• Coal haulage contract from Pit 3 to Batu Tuhup Jetty being finalized
• Krajan camp expansion completed to accommodate additional manpower including site office, fully functional clinic, repair workshop and equipment commissioning pad
• Krajan Jetty ready for operations with Coal stockpile, additional fuel storage and barge loading facilities using ramps.
• Access to Pit 3 via Krajan jetty established and mining contractor mobilized via Krajan
• Jetty engineering design awarded and completed for Batu Tuhup Jetty
• Facilities to load first coal from Krajan established
• TBAR Drilling Budget finalised and regulatory approvals in process
• Cokal finalised a US$20million debt financing commitment for the development of the Bumi Barito Mineral (“BBM”) Coking Coal Project.
• Draw down of this financing facility commenced in July 2021
• Coal Production on track for September 2022
• Hauling road Pit 3 to Krajan jetty complete
• Land compensation totalling 347 Hectares in Pit 3 area completed
• New CEO appointed
• CBQ Mining Contractor mobilized mining equipment to site
• International Coal Marketing Agreement entered into to enable BBM to market its coal to the international market and assist BBM in financing its coal stockpile at the river jetty.
• DAS Rehabilitation update.
A lot more details are included in the release for those interested ...
Chairman's Letter Shareholders
Just a few snippets from the report:
We have been fortunate to have engaged with a major partner in Indonesia in Aahana Mineral Resources SDN BHD
(AMR) and International Commodity Trade PTE LTD (ICT) who have bought not only funding to this project but also the
ability to recruit an experienced team that has the capability to deliver our project to production. Shareholders will be
aware that the premium quality of the coal in the BBM project has never been in doubt. The issue has always been
developing the logistics chain to evacuate the coal to market. The financing and execution of the logistics infrastructure
have been the Company’s main challenge. Your Board is pleased to report that these milestones have now been
achieved and we will see constant coal production and sales eventuate, transforming the Company into a successful
coking coal producer and a key player in the metallurgical coal mining industry in Indonesia and the region.
This will transform the company to a successful coking coal producer and a key player in the metallurgical coal mining
industry in Indonesia and the region. The resultant revaluation of the company is accordingly already underway.
Indonesian Coal Assets
Just a few snippets from the Review of Operations:
Cokal holds shares in the following Indonesian coal assets in Central Kalimantan, each with known resources of metallurgical coal:
• 60% of the Bumi Barito Mineral (BBM) project located in Central Province, Kalimantan, Indonesia. The BBM tenement area is 14,980ha;
• 75% of PT Tambang Benua Alam Raya (TBAR) which owns an exploration tenement covering an area of approximately 18,850ha in Central Province, Kalimantan, Indonesia. This tenement is located adjacent to and southeast of the BBM project;
• 60% of the Borneo Bara Prima (BBP) project located in Central Province, Kalimantan, Indonesia. The BBP tenement area is approximately 13,050ha; and
• 75% of the Anugerah Alam Katingan (AAK) project. This project is also located in Central Province, Kalimantan, Indonesia and has an area of approximately 5,000ha. AAK is currently on ‘on-hold’ status by Provincial Police Department (Polda Kalteng). The Police have investigated a dispute over the ownership of AAK pre-dating Cokal’s interest in the Project. Cokal is an aggrieved party and will await the outcome of the Police investigation.
Key Highlights for the year include
• Coal Logistics strategy revised for BBM
• Logging road to bypass the most difficult 190km of Barito River nears completion
• Cokal finalises the purchase of BBM Permanent Jetty Site on Barito River
• Lidar survey and bathymetric survey completed for Batu Tuhup site
• Engineering Designs for jetty facilities including stockpiles, conveyors, barge loader and fuel storage completed
• Mining contracts finalized, including additional mining contractor PT CBQ
• Fuel and explosives supply and drilling contracts awarded
• Equipment mobilised for removal of overburden and initial production of coal
• Pit 3 to Krajan Jetty Coal Hauling Road completed
• Coal haulage contract from Pit 3 to Batu Tuhup Jetty being finalized
• Krajan camp expansion completed to accommodate additional manpower including site office, fully functional clinic, repair workshop and equipment commissioning pad
• Krajan Jetty ready for operations with Coal stockpile, additional fuel storage and barge loading facilities using ramps.
• Access to Pit 3 via Krajan jetty established and mining contractor mobilized via Krajan
• Jetty engineering design awarded and completed for Batu Tuhup Jetty
• Facilities to load first coal from Krajan established
• TBAR Drilling Budget finalised and regulatory approvals in process
• Cokal finalised a US$20million debt financing commitment for the development of the Bumi Barito Mineral (“BBM”) Coking Coal Project.
• Draw down of this financing facility commenced in July 2021
• Coal Production on track for September 2022
• Hauling road Pit 3 to Krajan jetty complete
• Land compensation totalling 347 Hectares in Pit 3 area completed
• New CEO appointed
• CBQ Mining Contractor mobilized mining equipment to site
• International Coal Marketing Agreement entered into to enable BBM to market its coal to the international market and assist BBM in financing its coal stockpile at the river jetty.
• DAS Rehabilitation update.
A lot more details are included in the release for those interested ...
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An Investor Presentation was released today ...
I will just add a few slides ...
heaps more to see in it for those interested ...
I will just add a few slides ...
heaps more to see in it for those interested ...
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Indonesia - shudder
Swore off it after the Intrepid Mines quasi expropriation
Swore off it after the Intrepid Mines quasi expropriation
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Another update released today ...
Production of Metallurgical Coal Commences at BBM.
Key Highlights
▪ First production of metallurgical coal has been achieved at BBM
▪ Product coal is being stockpiled at the mine site, ready for transport
▪ Production ramping-up as BBM’s mining contractor commences an additional shift before the end of the month
▪ First revenue from coal sales is anticipated by mid-November
Transcript:
Cokal is delighted to announce that first saleable production of metallurgical coal has been achieved at BBM.
Metallurgical coal production is ramping-up, with 150Kt to 200Kt of saleable coal forecast by this calendar year end, 31 December 2022. Production will increase to 1.6Mt of saleable coal in 2023, before reaching nameplate capacity of 2.0Mt saleable coal in 2024.
First revenue from coal sales is anticipated by mid-November 2022.
Product coal is currently being stockpiled at the BBM mine site, with hauling to Krajan Jetty set to commence by 24 October 2022. BBM’s mining contractor will commence an additional shift by 31 October 2022, facilitating ramp-up of saleable coal production
Photos are included in the release for those interested ...
Production of Metallurgical Coal Commences at BBM.
Key Highlights
▪ First production of metallurgical coal has been achieved at BBM
▪ Product coal is being stockpiled at the mine site, ready for transport
▪ Production ramping-up as BBM’s mining contractor commences an additional shift before the end of the month
▪ First revenue from coal sales is anticipated by mid-November
Transcript:
Cokal is delighted to announce that first saleable production of metallurgical coal has been achieved at BBM.
Metallurgical coal production is ramping-up, with 150Kt to 200Kt of saleable coal forecast by this calendar year end, 31 December 2022. Production will increase to 1.6Mt of saleable coal in 2023, before reaching nameplate capacity of 2.0Mt saleable coal in 2024.
First revenue from coal sales is anticipated by mid-November 2022.
Product coal is currently being stockpiled at the BBM mine site, with hauling to Krajan Jetty set to commence by 24 October 2022. BBM’s mining contractor will commence an additional shift by 31 October 2022, facilitating ramp-up of saleable coal production
Photos are included in the release for those interested ...
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My tip again for the November stock picking comp ...
- I expect the next announcement to be about coal on barges ...
- I expect the next announcement to be about coal on barges ...
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Another update released yesterday ...
QUARTERLY REPORT FOR THE THREE MONTHS ENDING 30 SEPTEMBER 2022
Key Highlights
▪ Development of BBM was completed during the quarter, allowing first production of metallurgical coal to commence in October
• BBM development was achieved on-time and under budget
• Product coal is being stockpiled at the mine-site and hauled to the Krajan Jetty for transport to market
• Cokal is now focussed on achieving first revenue from coal sales by mid-November
More info and maps, photos etc are included in the release for those interested ...
QUARTERLY REPORT FOR THE THREE MONTHS ENDING 30 SEPTEMBER 2022
Key Highlights
▪ Development of BBM was completed during the quarter, allowing first production of metallurgical coal to commence in October
• BBM development was achieved on-time and under budget
• Product coal is being stockpiled at the mine-site and hauled to the Krajan Jetty for transport to market
• Cokal is now focussed on achieving first revenue from coal sales by mid-November
More info and maps, photos etc are included in the release for those interested ...
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A good announcement released today ...
Cokal Acquires Fleet of Barges & Tugboats for Coal Transport, Representing a Critical Piece of Infrastructure in the Logistics Chain, and a New Profit Centre
Key Highlights
▪ Cokal has acquired a fleet of conventional shallow draft barges and tugboats for transport of coal from mine mouth Krajan Jetty to Batu Tuhup Jetty
▪ Provides guaranteed capacity and availability for transport of coal from the BBM and TBAR mines, at competitive market-based pricing
▪ The barging infrastructure represents a new independent profit centre for Cokal
▪ Future planned expansion of the existing fleet and addition of large capacity barges, tugboats and self-propelled barges to transport coal from Batu Tuhup Jetty to the planned Intermediate Stockpile in Buntok area
Transcript
Cokal Limited (Cokal) (ASX: CKA) is pleased announce that it is has taken an important step to secure capacity for coal transport via the acquisition of a fleet of coal barges.
PT Barito Samudera Nusantara (PT BSN), a newly incorporated company established for the purpose of acquiring the barges and tugboats, has been used to effect the acquisition. Cokal is the 100% shareholder of PT BSN. Total cost of the first-stage of barge acquisitions is estimated at up to US$1.5m, (includes estimates of refurbishment costs and working capital).
PT BSN will operate as the exclusive logistics support provider for the Bumi Barito Mineral (BBM) (Cokal 60%) and TBAR (Cokal 75%) coal mines. PT BSN will provide competitive transport costs to BBM and TBAR, in-line with market pricing. In addition, Cokal will realise the benefit of 100% of the operating profits from PT BSN
Key Operational Details
- Barges will be used for transportation of coal from mine mouth Krajan Jetty to Batu Tuhup permanent jetty.
- Provides guaranteed capacity and availability of conventional shallow draft barges (min. operating depth 2.5m with full load) for coal transport, without any dependence on external service providers.
- Fleet expansion planned by adding additional barges and tugs to increase coal transportation capacity from Krajan jetty to Batu Tuhup jetty.
- PT BSN will also seek to expand its operations to operate large capacity barges (200ft - 230ft) to be able to transport coal from the Batu Tuhup Jetty to the Intermediate Stockpile (ISP).
- This expansion will ensure uninterrupted coal transport capacity at competitive pricing.
- This will also allow continuous usage of Krajan jetty to transport coal, alongside the road haulage route, from Pit 3 to Batu Tuhup jetty. This combined capability will enable BBM to manage its logistics flow more efficiently and sustainably.
Photos are included in the release for those interested ...
Cokal Acquires Fleet of Barges & Tugboats for Coal Transport, Representing a Critical Piece of Infrastructure in the Logistics Chain, and a New Profit Centre
Key Highlights
▪ Cokal has acquired a fleet of conventional shallow draft barges and tugboats for transport of coal from mine mouth Krajan Jetty to Batu Tuhup Jetty
▪ Provides guaranteed capacity and availability for transport of coal from the BBM and TBAR mines, at competitive market-based pricing
▪ The barging infrastructure represents a new independent profit centre for Cokal
▪ Future planned expansion of the existing fleet and addition of large capacity barges, tugboats and self-propelled barges to transport coal from Batu Tuhup Jetty to the planned Intermediate Stockpile in Buntok area
Transcript
Cokal Limited (Cokal) (ASX: CKA) is pleased announce that it is has taken an important step to secure capacity for coal transport via the acquisition of a fleet of coal barges.
PT Barito Samudera Nusantara (PT BSN), a newly incorporated company established for the purpose of acquiring the barges and tugboats, has been used to effect the acquisition. Cokal is the 100% shareholder of PT BSN. Total cost of the first-stage of barge acquisitions is estimated at up to US$1.5m, (includes estimates of refurbishment costs and working capital).
PT BSN will operate as the exclusive logistics support provider for the Bumi Barito Mineral (BBM) (Cokal 60%) and TBAR (Cokal 75%) coal mines. PT BSN will provide competitive transport costs to BBM and TBAR, in-line with market pricing. In addition, Cokal will realise the benefit of 100% of the operating profits from PT BSN
Key Operational Details
- Barges will be used for transportation of coal from mine mouth Krajan Jetty to Batu Tuhup permanent jetty.
- Provides guaranteed capacity and availability of conventional shallow draft barges (min. operating depth 2.5m with full load) for coal transport, without any dependence on external service providers.
- Fleet expansion planned by adding additional barges and tugs to increase coal transportation capacity from Krajan jetty to Batu Tuhup jetty.
- PT BSN will also seek to expand its operations to operate large capacity barges (200ft - 230ft) to be able to transport coal from the Batu Tuhup Jetty to the Intermediate Stockpile (ISP).
- This expansion will ensure uninterrupted coal transport capacity at competitive pricing.
- This will also allow continuous usage of Krajan jetty to transport coal, alongside the road haulage route, from Pit 3 to Batu Tuhup jetty. This combined capability will enable BBM to manage its logistics flow more efficiently and sustainably.
Photos are included in the release for those interested ...
Garpal Gumnut
Ross Island Hotel
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Another announcement released today ...
Metallurgical Coal Production Ramps-up at the BBM Mine. Product Coal Being Stockpiled at the Krajan Jetty
- bit of a non event as it contains nothing that we don't already know .... just some photos to prove it ...
- not sure why they even bothered releasing it to be honest ... considered not even bothering to post this one ...
Key Highlights
▪ Cokal has continued to increase the rate of metallurgical coal production at the BBM Coking Coal Mine, subsequent to the successful commencement of production in October 2022
▪ Product coal is being transported from BBM Pit 3 to the coal stockpile located at the Krajan Jetty
Photos are included in the release for those interested ...
Metallurgical Coal Production Ramps-up at the BBM Mine. Product Coal Being Stockpiled at the Krajan Jetty
- bit of a non event as it contains nothing that we don't already know .... just some photos to prove it ...
- not sure why they even bothered releasing it to be honest ... considered not even bothering to post this one ...
Key Highlights
▪ Cokal has continued to increase the rate of metallurgical coal production at the BBM Coking Coal Mine, subsequent to the successful commencement of production in October 2022
▪ Product coal is being transported from BBM Pit 3 to the coal stockpile located at the Krajan Jetty
Photos are included in the release for those interested ...
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Another update released today ...
Cokal Preparing for First Coal Sales as Barges Arrive at Krajan Jetty, Ready to Transport Coal to Market
Key Highlights
▪ Mined coal currently stockpiled at Krajan jetty and transportation to Batu Tuhup jetty to commence once the floating crane and storage barge is set up.
▪ In meantime Cokal’s (BSN) 3 units of barges have arrived at the Krajan Jetty, ready to transport coal.
▪ Attractive mining performance continues to be achieved at the BBM Coking Coal mine, with metallurgical coal production ramping-up from Seams J & I in Pit 3
▪ Transport of product coal to Krajan Jetty has been slowed due to heavy rains impacting the haulage road, which continues to be upgraded
Photos are included in the release for those interested ...
Cokal Preparing for First Coal Sales as Barges Arrive at Krajan Jetty, Ready to Transport Coal to Market
Key Highlights
▪ Mined coal currently stockpiled at Krajan jetty and transportation to Batu Tuhup jetty to commence once the floating crane and storage barge is set up.
▪ In meantime Cokal’s (BSN) 3 units of barges have arrived at the Krajan Jetty, ready to transport coal.
▪ Attractive mining performance continues to be achieved at the BBM Coking Coal mine, with metallurgical coal production ramping-up from Seams J & I in Pit 3
▪ Transport of product coal to Krajan Jetty has been slowed due to heavy rains impacting the haulage road, which continues to be upgraded
Photos are included in the release for those interested ...
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My pick again for the January 2023 stock picking comp ... had some luck in the December 2022 one 
- Coal has been stockpiled, barges bought etc ... just waiting on an update about what has / hasn't been done with it ...
- Coal has been stockpiled, barges bought etc ... just waiting on an update about what has / hasn't been done with it ...
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Has the above been considered properly in making investment decisions?
Has an outcome been announced yet on this matter?
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Another update released today ...
Shipping of Coal from Krajan Jetty to Market to Commence
Key Highlights
▪ Loading of coal at the Krajan Jetty for transport to market to commence within days
▪ Overburden Removal and Coal getting activities ongoing in Pit 3
▪ Hauling operations from Pit 3 to Krajan Jetty Stockpile ongoing
▪ Coal will be loaded on to Cokal’s barges for transport to BBM Permanent Jetty at Batu Tuhup, where it will be stocked for delivery to the domestic market as per the offtake arrangement with SGE
▪ Coal loading at the Krajan Jetty has been slightly delayed due to unseasonably low water levels in the upper Barito River, which have now
almost alleviated
▪ Cokal has made significant progress on developing the Mohing Access Road to the Batu Tuhup Jetty, expected to be operational early March 2023
▪ The Mohing Access Road and the Batu Tuhup Jetty are the alternative and preferred long-term coal transportation route, and which will mitigate future issues with river water levels
More info an photos are included in the release for those interested ...
Shipping of Coal from Krajan Jetty to Market to Commence
Key Highlights
▪ Loading of coal at the Krajan Jetty for transport to market to commence within days
▪ Overburden Removal and Coal getting activities ongoing in Pit 3
▪ Hauling operations from Pit 3 to Krajan Jetty Stockpile ongoing
▪ Coal will be loaded on to Cokal’s barges for transport to BBM Permanent Jetty at Batu Tuhup, where it will be stocked for delivery to the domestic market as per the offtake arrangement with SGE
▪ Coal loading at the Krajan Jetty has been slightly delayed due to unseasonably low water levels in the upper Barito River, which have now
almost alleviated
▪ Cokal has made significant progress on developing the Mohing Access Road to the Batu Tuhup Jetty, expected to be operational early March 2023
▪ The Mohing Access Road and the Batu Tuhup Jetty are the alternative and preferred long-term coal transportation route, and which will mitigate future issues with river water levels
More info an photos are included in the release for those interested ...
- Joined
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Another update released today ...
Cokal Starts Shipping Coal
Key Highlights
▪ Water levels at Krajan jetty have improved and deemed safe to commence coal loading.
▪ First coal from BBM Mine is loaded from Krajan Jetty into Cokal’s barges and being transported to Batu Tuhup Jetty
More info an photos are included in the release for those interested ...
Cokal Starts Shipping Coal
Key Highlights
▪ Water levels at Krajan jetty have improved and deemed safe to commence coal loading.
▪ First coal from BBM Mine is loaded from Krajan Jetty into Cokal’s barges and being transported to Batu Tuhup Jetty
More info an photos are included in the release for those interested ...
- Joined
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Another update released today ...
A$16m Placement to Accelerate Metallurgical Coal Production at Flagship BBM Project
Key Highlights
▪ A$16m placement to accelerate metallurgical (Coking/PCI) coal production at Cokal’s flagship Bumi Barito Mineral (BBM) project
▪ Placement strongly supported by respected coal industry professional, Matthew Latimore of M Resources ($A5m), as well as prominent domestic and international institutional investors
▪ Funds raised will be used for value enhancing development of the transport infrastructure required to support BBM’s ramp-up of saleable Coking/PCI production capacity to 2.0Mtpa and beyond
More info is included in the release for those interested ...
A$16m Placement to Accelerate Metallurgical Coal Production at Flagship BBM Project
Key Highlights
▪ A$16m placement to accelerate metallurgical (Coking/PCI) coal production at Cokal’s flagship Bumi Barito Mineral (BBM) project
▪ Placement strongly supported by respected coal industry professional, Matthew Latimore of M Resources ($A5m), as well as prominent domestic and international institutional investors
▪ Funds raised will be used for value enhancing development of the transport infrastructure required to support BBM’s ramp-up of saleable Coking/PCI production capacity to 2.0Mtpa and beyond
More info is included in the release for those interested ...
