Jatenergy to realize its first coal export shipment
Wednesday, February 8 2012 - 02:52 AM WIB
Australia-listed miner Jatenergy Ltd is on track to realizing its first coal export contract from its Jongkang I and Jongkang II mines in East Kalimantan.
?Our export stockpile is increasing by about 500 tons per day despite recent poor weather conditions in the region. We are in the final stages of securing our first coal sale contract, and expect to start shipping coal from the stockpile during the next few weeks,? said CEO Phil Hodgson in a statement.
It said it had mined a combined 2,500 tons of coal so far from the two operations.
Based on current market prices, Jatenergy expects to earn a profit margin of approximately US$10 per ton for the first shipment, which is expected to be between 5000 and 8000 tons.
The project is sited 5 km from a stockpile, crushing and conveyor loading facility on the Mahakam River, about 25 km from the coal shipping hub of Samarinda.
Meanwhile, Jatenergy also announced that Ross Kestel had stepped down as interim Chairman of Jatenergy, with Alan Broome to take on the Chairman role effective immediately.
Editing by Dadan Wijaksana