MUTU to ship 500,000t coal to Rex Commodities

By Romel S. Gurky

Petromindo

Central Kalimantan coal miner PT Multi Tambangjaya Utama (MUTU), a subsidiary of IDX-listed coal and energy company PT Indika Energy Tbk, is set to ship a total of 500,000 tons of coal in the period of January-October 2018 to Rex Commodities Pte Ltd, a Singapore-based commodity trader.

Indika said in a statement on Monday that MUTU on October 16 of this year entered into a coal sales-purchase agreement with Rex.

?Related to this agreement, MUTU has received an advance payment from Rex amounting to US$5 million on October 26, 2017,? Indika said in the statement, but did not provide further details.

Indika owns an 85 percent interest in MUTU, which started production earlier this year from its concession in Central Kalimantan. MUTU has installed production capacity of 3 million tons per year.

Editing by Reiner Simanjuntak