Dayaindo bags $425m coal supply contracts

IDX-listed mining and trading firm PT Dayaindo Resources said it had bagged 9.16 million tonnes of coal supply contracts worth US$425 million for the next 24 months.

President Director Sudiro Andi Wiguno said on Monday that the contracts consist of 6.76MT of export and 2.4MT of domestic supplies.

The company has clinched coal supply contracts with Glencore International AG, Knowledge Infrastructure System of India, Venetia Trading of Malaysia, Precious Source Holdings of Singapore, PT Holcim Indonesia, PT Varia Usaha and PT Sinar Hakiki Multi.

Coal will be sourced from its mining unit PT Risna Karya Wardhana Mandiri and joint operations partners, he said.

The company on Monday also signed MoU to sell coal to Thailand through selling agent GPS Solutions Co Ltd. The company will also team up with Malaysian firm Woodstar Jaya Sdn Bhd, which is also one of Dayaindo shareholders, to penetrate Malaysian power plants market. (kanti)