Orpheus secures coal trading license
Monday, September 10 2012 - 01:28 AM WIB
ASX-listed Orpheus Energy announced that the company has secured an independent coal trading license from Indonesian Ministry of Energy and Mineral Resources.
The coal trading license will enable the company to not only sell its own coal but also production from other miners, targeting power stations and trading groups from India, South China and Thailand
The company said it will ramp up its current trading volume of approximately 30,000 tons per month to several hundred thousand tons per month over the coming year.
Coal trading in Indonesia typically earns $1 - $3 per ton net margin for the coal trader.
Orpheus has appointed a specialist coal trading executive, Arun Valliyamai, to join its Jakarta team.
Executive Chairman Wayne Mitchell said, ?We have been working on securing our own coal trading license for some time and I am delighted that we are now able to add the next element to our overall Indonesian vertical integration strategy of coal exploration and production, coal trading and infrastructure. Trading our own and other miners? coal provides Orpheus the flexibility and diversification to protect and enhance company earnings, particularly in a low coal price environment.?
Editing by Adianto P. Simamora