Jatenergy secures coal sale contract from East Kalimantan mines
Monday, February 20 2012 - 02:23 AM WIB
Australian-listed energy firm Jatenergy Ltd said that the company had secured the first coal sales contract of 8,000 tons barge from its two Jongkang mines in East Kalimantan with a Singaporean buyer.
The company currenty has on-site stockpile of 15,000 tons mined from Jongkang I and Jongkang II, located 5km from a stockpile, crushing and conveyor loading facility on Mahakam River, about 25 km from the coal shipping hub of Samarinda.
Securing this first coal sale underscores buyer confidence in our ability to deliver reliable, good quality thermal coal from our operations.? Jatenergy?s Chief Executive Officer Phil Hodgson said.
It says the key terms of contract are a 50% total purchase price down-payment due in five working days, a market-based FOB price (based upon 6500 kCal/kg specification), 40% payment on barge loading in March and a 10% adjustment subject to cargo survey.
?We are currently producing from both our Jongkang I and Jongkang II operations. Our on-site stockpile and readily accessible capped coal now total about 15,000 tons,? The company?s Indonesian Chief Operating Officer Chris Flanagan added.
Editing by Adianto P. Simamora