Black Sand completes first coal shipment from Indonesia to China
Monday, February 6 2012 - 06:57 AM WIB
Hong Kong listed Pan Asia Mining Limited announced that its wholly-owned subsidiary Black Sand International (Singapore) Pte Ltd has commenced coal trading business with its first coal shipment from Indonesia having arrived in China.
?As of today (Feb. 3), the first shipment of steam coal loaded from Indonesia in an approximate value of US$2.5 million has arrived at the destination port in PRC (People?s Republic of China) for unloading,? the company said in a statement submitted to the Stock Exchange of Hong Kong Limited.
It said that Black Sand International started coal trading business in December 2011.
The company also noted the recent unusual increase in price and trading volume of shares of the company, adding its 90%-owned subsidiary of Baxus Petroluem (S) Pte Ltd which commenced vessel fuel trading business in September 2011, has been generating continual revenue during the third financial quarter ended 31 December 2011.
?As a result, revenue of the vessel fuel trading business for the third financial quarter will be substantially higher than that of the second financial quarter ended 30 September 2011.? the company said.
The company has not published its third financial quarter report.
Editing by Adianto P. Simamora