Jatenergy completes first shipment
Monday, March 19 2012 - 02:32 AM WIB
Australian-listed energy firm Jatenergy Ltd announced today that it had dispatched its first 8000 ton barge load of coal from its two Jongkang mines in East Kalimantan to a buyer in Singapore.
The shipment fulfilled a sales contract which Jatenergy announced last month, and it also triggered the first down payment. An initial payment in excess of US$200,000 has been received.
Jatenergy has also sold and shipped an additional 3000 tons of coal from Jongkang as a part-barge load to a spot buyer this week, and negotiations are underway for the next barge shipment, anticipated to be within two weeks.
Jatenergy's total sales now exceed 11,000 tons.
?We have made considerable progress this year to demonstrate the strong potential of our coal production strategy in Indonesia. We have brought one small mine at Jongkang into production and bought into an operating venture nearby during the last four months.
With Jongkang I and II now exporting, we are now generating cash to develop our next mine, Atan Bara. We expect that project to come online before the end of 2012, and we are continuing to advance plans to develop the much larger Katingan project in Central Kalimantan,? said Company CEO Phil Hodgson.
Editing by Er Audy Zandri