Gunungbayan signs $160m mining contract deal
Wednesday, December 7 2011 - 10:29 AM WIB
Indonesia-listed coal mining group PT Bayan Resources Tbk announced that its East Kalimantan coal unit PT Gunungbayan Pratamacoal on Wednesday has signed a 5-year coal mining and overburden removal contract with local firm PT Hareda Krida Utama, the parent company said in a statement.
The 5-year contract is worth of US$ 160 million, by which Hareda is obliged to remove 52.2 million bcm of overburden and to produce 2.3 million tonnes of coal, starting January 2012. (romel)