Australian-listed metallurgical coal group Cokal Limited (ASX:CKA) has publicly confirmed that it holds a majority direct ownership and has operational control in its five Indonesian projects.
“Cokal is a direct shareholder, via its fully owned Singapore subsidiaries, in all five Indonesian companies who hold the Indonesian exploration tenements. The 2009 Indonesian Mining Law provides for up to 100% foreign ownership of the new Indonesian mining tenements, IUPs, by way of a formal process of application and approval.
“By establishing Cokal’s direct ownership and control in the underlying exploration tenure, along with having received subsequent confirmation on Cokal’s tenure from the Indonesian Government, it is believed that Cokal is placed in the strongest possible ownership position,” the company stated.
“Cokal is a direct shareholder, via its fully owned Singapore subsidiaries, in all five Indonesian companies who hold the Indonesian exploration tenements. The 2009 Indonesian Mining Law provides for up to 100% foreign ownership of the new Indonesian mining tenements, IUPs, by way of a formal process of application and approval.
“By establishing Cokal’s direct ownership and control in the underlying exploration tenure, along with having received subsequent confirmation on Cokal’s tenure from the Indonesian Government, it is believed that Cokal is placed in the strongest possible ownership position,” the company stated.