MARKETS

Churchill buys Indonesian coal

LONDON-listed, Perth-based Churchill Mining has acquired an 80% stake in the Sendawar thermal coa...

Michael Quinn
Churchill buys Indonesian coal

Sendawar covers more than 1000 sq.km near Thai miner Banpu's newly-commissioned Trubaindo operation – currently producing at around 6 million tonnes per annum – and the privately-owned 3.4Mtpa Gunung Bayan mine.

It was acquired from PT Indonesia Coal Development for 100 million Churchill shares (priced at 2.5p per share) and £250,000 in cash.

The £5.25 million raising made to institutional and other investors comprised 210 million shares, also priced at 2.5p/share.

Churchill said the funds would be used to map and sample coal outcrops and begin drilling.

Churchill listed on London's AIM last April following a £1 million raising that issued shares at 2p.

The company is managed by former journalist James Hamilton – the founder of MiningNews.net – and Paul Mazak, formerly with Majestic Resources.

Churchill's only asset at the time was the South Woodie Woodie manganese project located near Consolidated Minerals' profitable Woodie Woodie operation.

The company's nominated adviser is Corporate Synergy, while Midas Investment Management is its broker.

MiningNews.net

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production