Petrosea secures US$100m mining contract at E. Kalimantan coal mine
Tuesday, September 27 2005 - 02:37 AM WIB
Australian engineering contractor Clough Limited announced Tuesday its Indonesian subsidiary PT Petrosea had signed a four year mining contract worth US$100 million with PT Mitra Internusa Persada.
Clough said in a statement to the Australian Stock Exchange that Petrosea will perform overburden stripping and coal mining activities at the Sanga Sanga concession commencing immediately.
According to the statement, the mine is located near Samarinda in East Kalimantan, approximately 90 km north of Balikpapan.
Clough added that initially the mining equipment utilised will be refurbished plant sourced from recently completed contracts in Kalimantan. Up to an additional US$10 million of new plant will be progressively introduced over a four year period as income is generated from the contract.
Clough holds an 82.2 percent interest in Petrosea.(Robert)