Atlas' unit signs consultation service contract with Ranyza
Monday, April 9 2012 - 06:43 AM WIB
PT Gorby Putra Utama (GPU), a coal mining subsidiary of PT Atlas Resources Tbk (ARII), said it had reached an agreement with PT Ranyza Gold, which would provide it with mining operation and consultation services. GPU said that the agreement was signed on March 1, 2012
The company said in a press statement that based on the agreement, Ranyza is to provide business consulting and management services to GPU. In return, GPU agrees to pay a service fee of US$2.5 per ton of coal produced and sold from GPU mine.
?This agreement has an indefinite valid period and will only be terminated upon mutual agreement by both parties or if certain conditions are met,? Atlas said on its 2011 annual report.
Editing by Benget Besalicto Tnb.