BIB, Wira Bhumi amend mining contract
Thursday, April 11 2013 - 01:18 AM WIB
South Kalimantan coal miner PT Borneo Indobara (BIB) has amended its coal mining and hauling contract with one of its contractors PT Wira Bhumi Sejati (WBS) for BIB?s Sebamban block, an industry source told Petromindo.com.
Under the amended contract, WBS will only undertake overburden removal with total volume of 2.95 million BCM. WBS has to produce 4 million tons of coal under a 3-year contract, which started in 2010.
Both parties agreed to adjust the contract in accordance with the Mining Law No 4/2009, the source said. The new amended contract will expire in Sept 2013 or upon the completion of the contracted of 2.95 million BCM , whichever comes first.
BIB is coal unit of IDX-listed coal mining and trading firm PT Golden Energy Mines (GEMS) Tbk.
Editing by Reiner Simanjuntak