Mitrabara terminates contract with Darma Henwa
Tuesday, May 19 2015 - 01:03 PM WIB
IDX-listed coal mining company PT Mitrabara Perdana Tbk announced on Tuesday that on May 15, 2015 it signed an agreement with IDX-listed mining service firm PT Darma Henwa Tbk to terminate two mining service contracts on Malinau coal project in North Kalimantan.
The two contracts are Malinau Mining Service Contract and Malinau Equipment Leasing Contract.
?By signing the termination agreement?, both parties declare that the rights and obligations of each of them have been amicably settled,? the firm said in the statement.
IDX-listed coal mining company PT Mitrabara Adiperdana Tbk said that it has signed new mining services contract and equipment leasing contract with PT Kalimantan Prima Persada for the Malinau concession in Central Kalimantan.
Last year, Darma Henwa announced that it had decided to terminate the contract on the Malinau project saying it was no longer feasible to be developed. In last November, Mitrabara announced it had transferred the contracts to PT Kalimantan Prima Persada.
Mitrabara operates coal concessions in Malinau Regency, North Kalimantan. The firm targeted to produce 2.5 million tons from the project last year and would increase the output to 4 million tons this year.
Editing by Johannes Simbolon