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Cokal AGM 2025 Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2025 Presentation summary20 Nov, 2025
Management and market overview 2025
2025 was marked by soft steel demand and pricing pressures, but project execution and infrastructure delivery continued, with mining operations restarting after a ten-month suspension and domestic deliveries resuming under a new Tier 2 contractor.
Gradual recovery in low-volatile hard coking coal prices and resumed domestic sales signal improving conditions, with cautious optimism for stronger demand in 2026.
The metallurgical coal market is expected to tighten from 2026 due to constrained supply and increased demand from India and China, with prices forecasted to rise to $200–225/t.
Indian steel production is growing at ~9% annually, driving met coal demand, while China maintains high blast furnace utilization and strong import needs.
Key operational highlights 2025
BBM shipped 14,472t of coal to domestic markets as of Q3 2025, with in-house mining bridging contractor gaps and a new mining contractor, HML, mobilized for ramp-up.
Magazine warehouse construction is over 85% complete, with drill and blast operations set to start by year-end to boost overburden removal.
Coal sales resumed after a market-driven pause, with improved pricing and terms through active marketing and new domestic end-user relationships.
Infrastructure upgrades include completion of the Mohing Bridge, jetty expansions, and haul-road improvements, with PT Petrosea appointed for major road upgrades.
Progress on TBAR and BBM underground mining licensing continues, with regulatory and technical milestones achieved.
Strategic projects and expansion plans 2026
BBM targets a ramp-up to 0.4+ Mt saleable production in 2026, with a near-term goal of 2.0Mtpa and permitted capacity up to 6.0Mtpa; current product is 100% LVHCC.
Fleet expansion and logistics upgrades are underway to support increased production, with additional excavators and trucks being deployed.
Underground mining at BBM Pit 1 is being developed in partnership with CBI, with CBI funding all development and operating costs in exchange for a revenue share.
TBAR project, contiguous to BBM, has secured exploration permits and environmental approvals, with drilling and land acquisition planned for 2026.
Infrastructure developments include new access roads, expanded jetty facilities, and near-pit support facilities to accommodate production growth.
BBM's cost structure for 2026 ramp-up
Funding strategy for TBAR and underground projects
Cokal's sales strategy amid market volatility
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H1 202612 Mar, 2026
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Frequently asked questions
Cokal Limited is a coal exploration and development company focused on metallurgical coal projects. The company engages in the identification, acquisition, and advancement of coking coal assets, primarily in Indonesia. Cokal Limited targets coal used in steel manufacturing and related industrial applications. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.
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