Petrosea extends Gunungbayan mining contract
Tuesday, March 27 2012 - 02:34 AM WIB
Indonesia-listed mining contractor firm PT Petrosea, a coal contractor controlled by energy firm PT Indika Energy, has extended its mining contract with PT Gunungbayan Pratamacoal until December 2017 from the previous contract termination of December 2012.
In a report submitted to the Indonesian Stock Exchange (IDX), Petrosea stated that the contract for overburden removal at Gunungbayan?s coal mine in Muara Pahu district, East Kalimantan is worth a total of US$567 million.
The contract value comprises of $96 million for the remaining of the previous contract and additional $471 million for the extended contract period.
At present, Petrosea has mining contracts with several other coal miners that include Adimitra Bratama Coal and its affilliated companies, as well as Kideco Jaya Agung.
Editing by Er Audy Zandri