Indowana Bara modifies two coal sale, purchase agreements
Friday, May 15 2015 - 04:26 AM WIB
IDX-listed PT Sekawan Intipratama Tbk said Friday that its East Kalimantan coal mining subsidiary PT Indowana Bara Mining Coal has reached agreement with two coal buyers to modify their coal sale and purchase agreements.
The first is with coal buyer PT Indako Energy Utama to revise (seventh addendum) a July 2011 coal sale and purchase agreement.
The two firms agreed to modify items of the agreement regarding quantity and delivery schedule.
The coal quantity in accordance with the article 2 in this agreement is in the total amount of 30 million tons commencing first delivery on June 2015 with the following schedule onwards:
a. June 2015 - February 2016 : 50,000 MT +/- 10% per Month;
b. March 2016 - February 2018 : 60,000 MT +/- 10% per Month;
c. March 2018 - February 2019: 150,000 MT +/- 10% per Month;
d. March 2019 - February 2020 : 200,000 MT +/- 10% per Month;
e. March 2020 -January 2027 : 250,000 MT +/- 10% per Month;
f. February 2027 : 160,000 MT +/- 10%.
The second agreement was signed with coal buyer PT Indomineral Mega Perkasa to revise (fourth addendum) a December 2012 coal sale and purchase agreement regarding coal quantity and delivery schedule.
The coal quantity in accordance with the article 2 of this agreement is in the total amount of 25 million tons commencing first delivery in June 2015 with the following schedule onwards,
a. June 2015 - February 2016 : 50,000 MT +/- 10% per Month;
b. March 2016 - February 2018 : 60,000 MT +/- 10% per Month;
c. March 201 8 - February 2019 : 150,000 MT +/- 10% per Month;
d. March 2019 - February 2020 : 200,000 MT +/- 10% per Month;
e. March 2020 - Onwards : 250,000 MT +/- 10% per Month;
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