(EnergyAsia, July 10 2013, Wednesday) — Australian metallurgical coal miner Cokal Limited said it will raise A$9,609,125.44 from selling shares to Singapore investment company Blumont Group over the next four months. (US$1=A$1.07).

The Australia-listed miner said it will sell a total of 60,057,034 fully paid ordinary shares at A$0.16 each in five tranches between July and November. The money will help pay for a feasibility study to develop the Bumi Barito Mineral (BBM) project in Indonesia’s Central Kalimantan that could begin producing coal from next year.

Cokal owns a 60% stake in the project which it believes holds at least 77 million tonnes of coal reserves. Indonesian companies own the remaining 40%.

Cokal’s executive chairman Peter Lynch said:

“The placement to Blumont will provide sufficient funds to complete the drilling programme and the definitive feasibility study for BBM project.”

Singapore-listed Blumont, which has a market capitalisation of S$2 billion, owns an 11.48% its stake in another Australia-listed miner, Celsius Coal.