Mercuria to execute first shipment this month
Monday, October 22 2012 - 03:23 AM WIB
South Kalimantan coal miner PT Kalimantan Energi Lestari (KEL), a coal unit of Singapore-based Mercuria Energy Trading Pte Ltd, which is a unit of global energy trader Mercuria Energy Group has carried out commercial production with first shipment targeted to be made this month, an industrial source told Petromindo.com.
KEL targets to produce 50,000 tons in the first month of production then ramp it up to between 250,000 and 300,000 tons per month. The coal has CV of 5,900 kcal/kg (GAR).
The company is still open for new buyers as it has not secured long term contract with any buyer, the source said.
The company?s concession is located about 30 kilometers to a nearby river port.
The company has appointed PT Thiess Contractors Indonesia as its mining contractor.
Mercuria Energy Group Ltd. acquired KEL in November last year. The purchase of this brown field operation represents a strategic investment by Mercuria to create an additional growth platform for its coal trading activities, the company said in a statement.
The concession covers an area of 6000 hectares, of which 2500 hectares are currently being exploited, it said.
Editing by Adianto P. Simamora