Insider Stories - Cokal Ltd, an Australian company set sights for $120 million investment in Indonesia in the business of extracting coking coal from mines in the archipelago nation, the company's chief said on Wednesday.

"We are in final stages in getting our last approval and finishing the feasibility study," said Chairman and CEO Cokal (Australia) Peter Lynch on the sidelines of Investmen Summit in Ritz Carlton, Pacific Place, Jakarta.

"The economic equation and the should be finished in the next 3-4 weeks ... Overal capital cost for the projects is $120 million for 2 million tonnes of cooking coal per year."

Lynch said Cokal actuall sought to tap Indonesia's capital market last year, but such plan must be spiked as duel listing is not allowed by Indonesian regulator.

Coking coal has higher calory than the conventional thermal coal and used mostly in the steel making.

He said one of the reason of picking Indonesia is because the investment to have such operation would be cheaper.

Lynch said in Australia, a coking coal project may cost up to $2.4 billion to produce 4 million tons.

Lynch's company was interested in some mining concessions in West Kalimantan and Central Kalimantan.