Bukit Baiduri inks coal supply deal with Singapore firm
Tuesday, January 5 2010 - 11:00 AM WIB
Singapore Exchange-listed firm SP Corporation Limited announced on Tuesday that its wholly-owned subsidiary, SP Resources International Pte. Ltd. (SPRI), has entered into an agreement with East Kalimantan coal miner PT Bukit Baiduri Energi (BBE) for a fixed coal allocation of 500,000mt for a one-year period starting January 2010.
SPRI will place an interest-earning deposit of US$2 million which will be refunded upon agreed terms
The deal is part of the company?s commodities trading business and is expected to contribute positively to its financial performance in 2010 with estimated revenue of about $25 million based on current coal price of similar quality. It will also further strengthen SPRI?s track record in coal trading.
SP Corporation Limited is a subsidiary of Tuan Sing Holdings Limited. The company is a diversified marketing, engineering and industrial services group with subsidiaries involved in tyre and auto products, commodities trading and geotechnical & soil investigation.(alex)