BlackGold completes first delivery of coal to PLN

By Romel S. Gurky

SGX-listed BlackGold Natural Resources Limited announced Friday that its Indonesian subsidiary, PT Samantaka Batubara (PT SB), has successfully completed its first coal delivery to the Indonesian state-owned electricity company, PT Perusahaan Listrik Negara (PLN).

The company said in a statement that this delivery is the first of many under the Coal Sales and Purchase Contract signed between the Group and PLN on December 1, 2016 for an annual delivery of 500,000 tons of coal to the PT Tenayan project, a new 2 x 110 MW power plant in Riau Province.

The first delivery of 5,000 tons of coal by barge to the Tenayan port was completed on February 10, 2017, the statement said.

Philip Rickard, Chief Executive Officer of the Group, commented: ?This delivery to PT PLN is an exciting milestone and marks the start of a consistent and steady revenue inflow to the Group. We are positive about the long term outlook for thermal coal, which is integral to the development of power generation in Indonesia. We will continue our efforts to ramp-up production and look towards strengthening the Group?s position in the market.?

Editing by Reiner Simanjuntak