It’s a shame that Peter Lynch never lived to see the milestone of his Cokal producing first coal

THE LATE Peter Lynch launched Cokal in Brisbane nearly seven years ago and this week it finally announced the first sale of 10,000 tonnes of the black stuff.

Peter Lynch who died in a tragic seaplane crash in Perth’s Swan River on Australia Day this year.

GONE TOO SOON

It’s a shame that Peter Lynch never lived to see the milestone.

The late engineer, a key figure in Queensland mining circles, would have loved the fact that his coal exploration outfit Cokal has come good as a producer.

Lynch launched Cokal in Brisbane nearly seven years ago and this week it finally announced the first sale of 10,000 tonnes of the black stuff.

More significantly, it has entered into a $400 million offtake and finance deal with a Chinese giant to further develop its flagship Bumi Barito Mineral Project in Indonesia.

Lynch and his new Indonesian partner perished in a tragic seaplane crash in Perth’s Swan River on Australia Day this year.

After stints with BHP Billiton and Mount Isa Mines, the 52-year-old executive spied a golden opportunity to buy up tenements in the Galilee Basin and then established Waratah Coal in 2006.

He left Waratah in 2010 shortly after it was acquired by mining identity Clive Palmer and went on to co-found Cokal the next year.

Cokal chairman Domenic Martino paid tribute this week to Lynch’s drive and determination to develop a mine overseas after finding it virtually impossible in Queensland.

“Peter had always had strong ambitions to develop a new coal mine from scratch, which is extremely difficult to do in Australia, thus choosing to focus on Indonesia,’’ Mr Martino said.

“It has taken a lot of hard work and plenty of setbacks along the way; however, Peter would be looking down on his mates knowing (they are) now operating a fully approved, low-capex coal mine of high-quality metallurgical coal.’’

Even though production has started, plenty of challenges remain.

Cokal suffered an $US11.8 million net loss in the last financial year after a $US30.2 million loss in 2016.

The cash burn is big enough for auditors to warn about a “material uncertainty’’ hanging over the company’s ability to survive.

FLYING HIGH

The elderly son of legendary aviator Sir Charles Kingsford Smith jets into Brisbane this week for an airport ceremony and a rare family reunion.

The 88-year-old namesake of the great man, Sir Charles Kingsford Smith (Junior), arrives from New York ahead of a scheduled meeting with Premier Annastacia Palaszczuk and other dignitaries on Friday morning.

Members of the wider family are also expected to attend the function at the Southern Cross memorial at the airport.

The Southern Cross, of course, is the famous plane Kingsford Smith (Senior) used in 1928 to become the first person to fly across the Pacific Ocean from the US to Australia.

His great nephew, Sydney-based actor Leofric Kingsford-Smith, told City Beat yesterday it would be the first time that three generations of the family had a chance to view the aircraft together.

Afterwards, the party of eight plans to decamp for a steak lunch in the Spanish Garden at the Breakfast Creek Hotel, which, by pure coincidence, is located just off … Kingsford Smith Drive.

CHANGE AT TOP

Accounting mob KPMG has appointed loyal foot soldier Michael Hiller to take over as Queensland state chairman effective from New Year’s Day.

Hiller, a 31-year veteran of the firm, will replace Rob Jones, who has warmed the seat since 2012 and toiled inside the organisation for a whopping 39 years.

Unusually, in a sea of bean counters, Hiller also has a psychology degree.

“It gives you the skills to look at things in a different way. I tend to find you look for the broader meaning,’’ he said.