Coal Fe: MSM to ship iron ore output to Krakatau in January
Friday, December 5 2014 - 01:29 AM WIB
ASX-listed Coal Fe Resources said that is 90 percent-owned iron ore mining firm PT Mineral Sukses Makmur (MSM) in Solok Regency, West Sumatra Province, is set to deliver its first barge of 62 percent Fe product to Indonesia?s steel giant PT Krakatau Steel in January / February of next year.
?The company advises that MSM is currently doing sample work and further testing and expects to deliver its first 7,500 MT barge to Krakatau Steel in January/ February 2015,? Coal Fe said in a statement Friday.
The Cilegon, West Java Province, Krakatau will pay Rp 900,000 (US$73) per metric ton, added Coal Fe, which recently acquired MSM.
Coal Fe said in a September statement that the MSM iron ore concession is approximately 74 hectares with current production coming from a 3 hectare area, with further drilling required to define additional mineralization on the remaining area. MSM holds all valid export permits, producing licenses and a smelter permit, which allows MSM to produce and export product, it added.
Editing by Reiner Simanjuntak