Explorer Cokal , previously Altera Resources before it was renamed in February last year, has high-margin metallurgical coal as its key focus. It holds interests in coal exploration tenements in Indonesia and Tanzania and in the Clarence-Moreton, Surat and Bowen basins in Australia. One of its key exploration projects in Indonesia, Bumi Barito Mineral, has an inferred coal resource of 60 million tonnes. Based on drilling and lab analysis, it has been confirmed the resource is high-quality premium metallurgical coal. The company plans to start mining the coal by the middle of next year at between 80,000 tonnes and 165,000 tonnes a month. Passport Capital has invested $20.5 million and Blackrock global funds management has invested $20 million through a non-brokered private placement in Cokal.

A $33 million cash balance has given Cokal the ability to explore existing projects.Qaiser Malik