Dayaindo claims to have bagged 16MT coal export contracts

IDX-listed firm PT Dayaindo Resources International Tbk claimed to have secured coal export contracts of 16 million tonnes for 2010 shipments with potential to raise revenue of US$800 million, a company official said.

The 2010 export volume will increase the company?s sales 20 folds compared to this year?s sales of 800,000 tonnes, Assistant President Director Heriman Setyabudi was quoted by Kontan Daily.

He said buyers included companies from India, China and Glencore International.

He added that 60 percent of the coal requirement will be sourced from mines in Kalimantan which have ties with the company under joint operation cooperation and the rest will come from third party.

He also added that the company?s own two mines in Kalimantan will produce 2.4 million tonnes next year, all of which would be sold to domestic cutomers such as PT Indonesia Power, PT Pembangkitan Jawa Bali and PT Bukit Asam Prima.

The company has secured US$100 million for next year?s expenditure and is looking to raise a further $150 million through right issue, he said. (*)