Cokal chairman and CEO Peter Lynch said that the company welcomes strong financial support from a major global financing partner such as Platinum Partners.
"Their experience internationally and in the region coupled with their financial capability added a significant new dimension to Cokal and its ability not just to get the BBM Project into operation but for Cokal to develop its other resources in Indonesia and become a major global producer of premium quality coking coal supplying Asian steel producers in Indonesia, Japan, Korea, Taiwan, India and of course China," Lynch added.
The facility will be used to fund construction and commissioning of Cokal’s 2 Mtpa Bumi Barito Mineral (BBM) project and Cokal’s general working capital requirements during the phase of development.
Additionally, the facility would be available for a period of up to two years from signing of definitive agreements while the final payment is scheduled for between two and three years after draw-down, at an interest rate of 13% plus fees.
"The company has its resources focussed on obtaining our final forestry approval which will enable construction to commence."
