Bayan terminates coal deal earlier than schedule
Thursday, July 2 2015 - 02:18 AM WIB
By Tri Subhki R
IDX-listed coal mining company PT Bayan Resources Tbk announced Wednesday it has reached an agreement with Vitol Asia Ltd to terminate a coal sales agreement earlier than the 2016 schedule.
The company said in a statement that the coal deal was terminated on June 30. Bayan did not provide further details.
The coal sales deal was first signed on November 25, 2007 as part of a US$50 million loan agreement with Vitol, which was later amended a few times. Under the deal, Bayan will repay Vitol with coal.
Editing by Reiner Simanjuntak