Australia Mining cited Cokal chairman and chief executive officer Peter Lynch as saying that the Cokal is negotiating with a number of parties including Platinum to finalize the necessary funding to begin BBM project construction.
The funding will be used to develop Cokal’s two million ton per annum BBM coal mine.
"The outcome of all financing discussions, whether with the Platinum Partners consortium or others, is speculative," Lynch added.
"Shareholders should note that there is no certainty that any agreement will be reached or that any transaction will eventuate from any current or future discussions or diligence enquiries."
Cokal is likely to achieve the first coal in 2014 while the construction of the mine is expected to begin in coming months.
