GEMS signs coal marketing, shipment contract with BSL
Wednesday, May 1 2013 - 01:52 AM WIB
Coal trading company GEMS Coal Resources Pte. Ltd had signed an agreement earlier this year with PT Barasentosa Lestari (BSL), under which the latter company would sell and transport coal via four shipments, each with a volume of 50,000 tons.
The agreement is valid until December of this year, or until each party has fulfilled their respective obligations as set under the agreement, according to the 2012 annual report of IDX-listed PT Dian Swastatika Sentosa Tbk.
Singapore-based GEMS Coal Resources is a 100 percent owned subsidiary of Indonesia-listed coal mining firm PT Golden Energy Mines (GEMS).
The establishment of the new subsidiary followed the acquisition of Golden Energy?s shares by Singapore-based United Fiber System Ltd from PT Dian Swastatika Sentosa under a share swap deal worth US$1.55 billion.
Editing by Reiner Simanjuntak