Churchill Mining
Churchill’s main focus is its highly prospective thermal coal project located in the East Kutai Regency of Kalimantan, Indonesia. The Company has concluded an Exclusivity Agreement with PT Techno Coal Utama and the JORC compliant resource has been defined as 1.412 billion tonnes. Exploration and resource drilling continue along with scoping and pre-feasibility work.
Churchill has also acquired the Sendawar CBM Project in East Kalimantan, Indonesia, which is in an highly prospective area for coal bed methane. Additionally the Company acquired the South Woodie Woodie manganese project in Western Australia however due to the Company’s focus on Indonesia and the increased prospectivity of the project 80% was sold to Spitfire Resources Ltd.
Churchill's management continues to assess further opportunities in Australia and southern Asia to acquire quality projects in line with the Company's business plan. Churchill is committed to growing shareholder value by becoming a leading minerals explorer and future miner.
Churchill Mining tops up coffers with £5 million placing to institutional investors
Thermal coal developer, Churchill Mining (AIM:CHL), announced that it has raised £5 million before expenses through the placing of 10 million shares at 50p per share with institutional investors.
Not surprisingly, the bulk of the funds raised will be dedicated to advancing the 75% owned East Kutai Coal Project in Indonesia through a feasibility study.
The total resource at East Kutai now stands at 3.18 billion tonnes of medium calorific coal. The resource is based 40,900 metres of drilling, with a substantial portion of the drilling focused on the north-eastern areas of the Investama Resources Block and north-western areas of the Ridlatama Tambang Mineral Block.
The resource at East Kutai qualifies it as one of the largest undeveloped coal projects in Indonesia, and places the project into the same league as the 3.3 billion tonne Pakar deposit, which came into production last year and is only 55 kilometres south-west of Churchill’s project. Unofficial Indonesian estimates put Churchill’s likely resource at 4 billion tonnes.
East Kutai’s coal has a low sulphur and ash content and moderate moisture, i.e. good quality thermal coal that needs no washing.
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Other Churchill Mining articles
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08/12/08 Churchill Mining - preliminary pit design envisages low strip ratio
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20/10/08 Churchill Mining - 1.4 billion tonnes of coal: the countdown to production begins
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05/03/08 Churchill Mining: Aiming to become part of Indonesia's thermal coal export industry
Other Churchill Mining news
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24/02/10 Churchill Mining targets completion of East Kutai feasibility review for Q2 2010
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16/02/10 Churchill Mining gets further vote of confidence as Indo Setubara ups stake to 7.6%
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11/01/10 Churchill Mining makes Caesars Report’s top 5 mining stocks for 2010 list
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10/12/09 Churchill Mining names Pala Investments as strategic advisor
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26/10/09 Churchill Mining announces East Kutai maiden reserve of 956 mln tonnes of in-situ coal
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22/10/09 Churchill Mining's maiden reserve statement for East Kutai coal project imminent, sees feasibility study by end-2009
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28/09/09 Churchill Mining gets 3 approaches, 2 for projects and 1 for the company
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04/06/09 J O Hambro Investment raises Churchill Mining stake to 5 pct
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03/06/09 Pala Investments raises Churchill Mining stake to 29. 36 pct
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27/05/09 Paul Mazak of Churchill Mining talks to Proactiveinvestors