Bayan Resources signs sales agreement with Philippines' GNPower
Friday, January 25 2013 - 11:17 AM WIB
By Romel S. Gurky
IDX-listed PT Bayan Resources Tbk recently stated it has signed coal sales agreement with Philippine-based GNPower Mariveles Coal Plant Ltd. Co on Jan. 18, 2013.
Bayan said in a statement to the IDX that according to the deal, the company will deliver up to 1.5 million tons of coal per annum to GNPower for 12 years from 2016 depending on whether GNPower is able to reach financial closure on its core power plant project in Dec. 31, 2013.
GNPower was established in March 2007 to manage and operate a 2x300 MW coal fired power plant and special port located in Barangay Alas-asin, Mariveles, Bataan, Philippines
Editing by Er Audy Zandri