Ares trades 180k tons of RI coal

By Demas Simbolon

Hong Kong-listed Ares Asia Limited recently stated it has successfully anchored certain coal suppliers from Indonesia and coal buyers from China on a long term basis.

"The group's coal trading business has commenced in October 2012 starting with a monthly trading volume in the range of 50,000 tons to 180,000 tons," the company said in a quarterly report ending September 31.

In addition to China, discussions are on going with customers from Taiwan, India and Japan, in which Ares said that it will source further coal supply from other coal miners in Indonesia to meet demands of potential customers.

Ares previously announced on September 24, 2012 that it has been negotiating with several coal miners in Indonesia in order to establish its coal trading business, as well as proposing acquisition of a mining services company.

Editing by Er Audy Zandri