Cokal's (ASX:CKA) 60%-owned subsidiary PT Bumi Barito Mineral signed a binding agreement with PT Cipta Bersama Indonesia to develop an underground mining operation at Pit 1 of the BBM Metallurgical Coal Mine, according to a Monday filing with the Australian bourse.
The two companies will immediately start development in three stages, the filing stated. There were no previous plans to develop underground operations there in the foreseeable future due to technical constraints.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments