Reuters reported that coal miner Churchill Mining Plc held talks with third parties over the financing of its East Kutai project in Indonesia and that a strategic review was still on sending its shares up more than 9%.

The London based company which in April appointed Credit Suisse as its strategic adviser for reviewing various financing options for the project said no firm deal has been reached as of yet.

Churchill which owns 75% stake in East Kutai said in July it planned to raise the coal production there to 35 million tonnes per annum operation, positioning it to become a major exporter of thermal coal to meet the growing demands of the expanding Asian energy market.

The company which has a market value of 158.6 million pounds has been evaluating various options for the project including a joint venture partner or a long-term offtake arrangement.

In September last year, the company had received three separate approaches, two for possible acquisition of specific projects and the third for a possible offer for the company.

(Sourced from Reuters)