Bhakti Investama bags Indian coal supply contract

Publicly-listed investment firm PT Bhakti Investama Tbk said on Tuesday that it has bagged a 1-year contract from its producing coal mine PT Muba Coal (PMC) in South Sumatra to supply coal to an Indian buyer, the company?s? director said on Tuesday.

Budiono told Petromindo.Com that under the contract the company would deliver 50,000 tons of coal per month, or 600,000 tons a year. The contract has an option to be extended for another 2-3 years.

The company will start first shipment next month, he said.

He did not give the buyer?s name.

In May 2010, PT Bhakti Investama announced that its subsidiaries, PT Bhakti Coal Resources (BCR) has signed a Sale & Purchase Agreement on 5th May with PT Titan Mining Resources Investment (TMRI) to acquire 8 coal concessions, which occupies 92,000 Hectares in Musi Banyuasin Regency, South of Sumatra.

The coal concessions comprised of 1 producing concession, PT Muba Coal (PMC) and 7 exploration concessions. PMC's production will be increased to 3 million tonnes per year in 2011 after the construction of port and road infrastructure that is planned to be completed this year. (giok)