Cokal (ASX:CKA) fire up sales at Bumi Barito

Cokal (ASX:CKA) fire up sales at Bumi Barito

January 22, 2024 Off By Rueben Hale

Cokal Limited has announced that its metallurgical coal mine, Bumi Barito Mineral, will achieve one monthly sales contract starting February 2024.

The renewable energy sector is predicted to undergo modest growth as the world moves towards sustainable energy.

Industry analysts believe that the global economic growth rate and the speed of transitioning to environmentally friendly steel production technologies will play a significant role in shaping the industry’s future. During January, coal futures remained steady at approximately $130 per tonne as investors evaluated demand and supply factors.

Bumi Barito’s ramp-up of saleable production includes forecasted domestic and export sales products, depending on the best price realization for Cokal.

The company’s various offtake and marketing arrangements will continue to govern payment terms for sales.

The company stated that it has not received any sales yet from SGE, despite the fact that SGE remains contracted to purchase the product for the domestic market. However, the demand for BBM products from many domestic and international parties has not affected Cokal’s sales opportunities.

“The ongoing coal production at BBM Pit 3 continues, and the Batu Tuhup Permanent Jetty Construction project is progressing as scheduled, with 70% progress achieved in weighbridge works,” the company said.

“The site has dispatched load cells and other materials, and the installation is expected to be completed by the end of January.

“Structural works involving 75t of steel have already been completed, and an additional 25t of fabrication is in progress.”

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