Cokal Limited (ASX:CKA) Announces Q4 2024 Results and Strategic Partnerships
Strategic Partnerships and Funding
Cokal Limited has strengthened its strategic partnerships with PT Petrindo and Cratus Group, securing a total of US$23 million in funding. PT Petrindo has committed US$3 million, including US$1.45 million in coal presales and US$1.56 million for infrastructure enhancements. Additionally, Cratus Group has provided US$20 million, comprising US$7 million for Cokal’s operations and US$13 million for an Infrastructure Joint Venture aimed at enhancing coal transport infrastructure in Central Kalimantan, Indonesia.
Operational Achievements
During the quarter, Cokal ramped up metallurgical coal production at its BBM mine, producing 80,000 tonnes of coal by October 2024. Infrastructure developments, including road upgrades and the introduction of flat-bottomed barges, have increased transport capacity and reduced costs. Cokal successfully shipped 18,827 tonnes of coal to China in December 2024.
Financial Performance
Cokal reported a cash balance of US$254,000 at the end of the quarter, with undrawn facilities amounting to US$1.55 million. The company invested US$265,000 in exploration and development activities during the quarter. Overall, Cokal continued to strengthen its financial position through strategic funding and operational efficiencies.
Executive Comments
CEO Karan Bangur stated, “These continued arrangements and funding underpin Cokal’s expansion efforts and will greatly contribute to further infrastructure and increased coal production. Our strong partners in the Upper Barito region enable us to confidently invest in infrastructure before our production ramps up, ensuring our ability to deliver coal to market.”
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