Indo Wana Bara modifies three coal sale agreements
Friday, February 6 2015 - 02:13 AM WIB
East Kalimantan coal miner PT Indo Wana Bara Mining Coal, which is controlled by IDX-listed PT Sekawan Intipratama Tbk, signed last month the amendment of coal sale and purchase agreement with three overseas buyers.
Sekawan said in a statement Thursday that on January 13, Indo Wana signed the second addendum to the June 2013 coal sale and purchase agreement with Vietnam?s Binh Duong Corporation.
Under the agreement, Indo Wana will supply Binh Duong a total of 30 million tons through to December 2030, with delivery starting in August of this year at a volume of about 50,000 tons. The volume will gradually increase to reach 200,000 tons per month starting June 2030.
The second amendment agreement was made with Hong Kong?s Evertrade Ltd to the 2011 sale and purchase agreement. Under the amended contract, Indo Wana will ship out a total of 90 million tons of coal, with first delivery to be made in June of this year at a volume of about 50,000 tons and to gradually increase to a peak volume of 1 million tons per month from March 2028 onwards.
The third agreement was made with Hong Kong?s Asia Express Group Ltd on the fifth amendment of a 2011 coal and sale purchase agreement, under which Indo Wana will export 30 million tons of coal with first delivery to be made in June of this year at a volume of 50,000 million tons and to gradually increase to reach a peak volume of 250,000 tons per month starting March 2020 onwards.
Sekawan acquired last year PT RITS Venture Ltd, which owns 66.5 percent stake in Indo Wana, which holds a 5,000-ha coal concession in West Kutai Regency, East Kalimantan as the company switched its core business into coal mining.
Indo Wana concession has coal resources estimated at 533.31 million tons, with reserves estimated at 288.1 million tons.
Editing by Reiner Simanjuntak