Reswara secures more coal sales contract to China
Wednesday, June 6 2012 - 08:23 AM WIB
PT Reswara Minergi Hartama (Reswara), an integrated coal company and subsidiary of ABM Investama, has secured a coal sales contract of 500,000 metric tons with Guangzhou Huaneng Trading Co., Ltd, with delivery to be made between June and December this year.
The contract was signed on June 4 in Bali by Guangzhou Huaneng Trading Co. Ltd's Director Li Mei Xing and PT Tunas Inti Abadi (TIA)'d Director Feriwan Sinatra, the coal mining subsidiary of Reswara that holds a concession area in South Kalimantan.
Guangzhou Huaneng Trading Co., Ltd. is a coal importer company linking Indonesia and China since 2010. Coal from Reswara will be used to supply two power companies in the area of Guangdong, China.
Reswara has previously managed to secure three contracts for coal sales, making this the fourth. The total of the four contracts amounting to 3.8 million tons of coal, roughly 68 percent from the total sales target of 5.5 million tons this year.
?We are delighted to secure up to 68 percent of the sales target in the middle of this year, amidst the slowdown of demand in the past few months. Having said this, we are still optimistic that demand for coal, as one of the main substitutes for crude oil, will continue to rise in the longer term,? said Reswara Minergi President Director Hartama Harry Asmar, adding that up to 70 percent of electricity in India and 80 percent in China are sustained by coal-powered power plants.
Editing by Er Audy Zandri