www.churchillmining.com
Churchill Mining PLC is an AIM listed (CHL) mining company with a significant thermal coal development project located in the East Kutai Regency of Kalimantan, Indonesia, where to date more than 2.73 billion tonnes of coal resource has been defined to JORC standard. The project feasibility study has been completed, indicating an economic and desirable project and the study forms the platform for the next stage in the development of the Project. In addition to the East Kutai Coal Project, Churchill has interests in the Sendawar Coal Bed Methane Project in East Kalimantan, Indonesia and a strategic holding in Spitfire Resources, who are developing the South Woodie Woodie Manganese Project in Western Australia.
Churchill Mining gets further vote of confidence as Indo Setubara ups stake to 7.6%
Churchill Mining (AIM: CHL) has been notified that Advaita Partners managed Indo Setubara Limited has purchased a further 0.5 million shares in the company to increase its shareholding to 7.61% a little over a year after acquiring an initial 6.6% interest in the company.
Back in December 2008, Advaita purchased 4.45 million shares in Churchill through Indo Setubara to gain a 6.6% shareholding, which Churchill said acknowledged a vote of confidence that the investment in the company represented.
Indo Setubara aims to become a preferred fuel supply partner for Indian power producers, already holding interests in several coal concessions in Indonesia and Mozambique with mandates for coal supply from power companies that it said set up over 10 GW (gigawatt) of imported coal based power capacity in South India.
Churchill is currently developing the East Kutai coal project in Indonesia, where it has recently concluded a feasibility study, confirming a preferred 20 million tonne per annum production rate. The EKCP has a 2.481 billion tonne JORC resource of which 956 million tonnes has been classified as a JORC probable reserve.
