UT settles 2008 coal supply volume, price talks

Indonesia Stock Exchange (IDX)-listed heavy equipment distributor and coal miner PT.United Tractors (UT) said on Friday it settled 2008/2009 coal supply deal with traders Glencore AG and Noble Energy.

Corporate Secretary Sara Loebis told Petromindo.Com Friday that UT will supply 180,000 tonnes per month to Glencore and 120,000 tonnes per month to Noble starting April 2008 to April 2009, or similar to previous year?s volume.

Loebis said the price for the 2008/2009 period was agreed at US$55-59 per tonne, higher than previous period price of between $52-54 per tonne. She did not say if the price was FOB or CIF.

UT sells its entire output of its South Kalimantan coal mining subsidiary PT. PT Dasa Eka Jasatama to Glencore and Noble through its British Virgin Island-based trading arm Scenic Worldwide Ltd. under term contracts. (denny)