http://www.tehrantimes.com/Index_view.asp?code=194906
Print Date : Tuesday, May 19, 2009 Churchill Mining says Indonesian coal resource doubles Coal miner Churchill Mining PLC said on Monday resource at the East Kutai coal project in Indonesia had more than doubled and exceeded its initial estimates by more than 600 percent. The company also confirmed that it had recently obtained approvals and mining licenses for the project from the Indonesian government. The AIM-listed miner, which owns 75 percent of the project, said resource at the project had more than doubled to 3.18 billion tons of thermal coal, exceeding its initial 500 million ton target. Churchill Mining said it had focused on its mine and infrastructure planning to create a bulk mining operation, with an annual production of up to 20 million tons of coal. The company has also set a new reserve target of 500 million tons to support this production level. The original target was 150 million tons, it said. Churchill Mining shares were up 9 percent at 53.5 pence at 0759 GMT, after touching a high of 58 pence in early trade. (Source: Reuters)
