BlackGold commences production and signs coal sales contract
Saturday, April 23 2016 - 04:26 AM WIB
SGX-listed BlackGold Natural Resources Limited announced that its Indonesian subsidiary, PT Samantaka Batubara (PTSB), has commenced production of coal as scheduled in March and, on April 21, entered into a coal sales contract with a Riau enterprise for the delivery of an initial 26,000 tons of coal.
The company said in a statement Thursday that the first delivery of 6,000 tons of coal pursuant to the coal sales contract is set to be completed on or around the end of April. PTSB has ramped up its production capabilities to meet the requirements of the order, and expects to complete the total delivery of 26,000 tons of coal by the second quarter of 2016.
?We are very pleased to sign this contract, as this imminent first delivery of coal marks a major milestone for the company and our transition from the exploration and development phase to production and sales phase? We will continue our efforts to ramp up production and we look forward to strengthening the group?s position in the market,? said Phil Rickard, Chief Executive Officer of the group in the statement.
The company did not disclose the identity of the coal buyer and the value of the contract.
BlackGold is an Indonesia-focused coal mining company targeting Indonesia's growing power plant industry. The group, through its local subsidiaries, has the rights to three coal concessions in Riau, Indonesia. Currently, the group, through PTSB has coal concession for an area of 15,000 hectares in Riau province, and has over 200 million tons of coal resources (JORC code).
Editing by Reiner Simanjuntak