Bayan secures 605 KT coal supply deal with Goldman Sachs
Tuesday, March 9 2010 - 07:34 PM WIB
IDX-listed coal-mining group PT Bayan Resources Tbk reported that its South Kalimantan unit PT Wahana Baratama Mining (WBM) has signed deal to supply 605,000 tonnes of coal to US commodity trader J. Aron & Company for 2010.
J. Aron is a wholly-owned subsidiary of Goldman Sachs Group Inc.
The Company said on Tuesday shipment would start in March 2010.
To guarantee that both seller and buyer would meet their commitments, Bayan has pledged WBM?s shares as corporate guarantee and in return Goldman Sachs has issued corporate guarantee for WBM. (alex)