Waratah fails to deliver full amount of coal to customer
Tuesday, September 23 2014 - 03:05 AM WIB
ASX-listed Waratah Resources Limited announced Monnday that it has failed to deliver the full amount of a proposed 55,000 tons of coal sale to an international trading firm from South Kalimantan as it has only managed to deliver 9,000 tons.
?An initial total of 9,000 tons of coal has been delivered to the customer. Commercial difficulties experienced by Waratah?s supply partner have prevented delivery and implementation of the full amount. The buyer?s ship is concluding the current cargo with coal sourced from elsewhere,? the company said in a statement.
The contract for the supply of the balance of the coal remains on foot and an alternative buyer is being arranged. The boards are reviewing the situation to resolve the delivery of the balance of the contracted coal, it added.
Waratah said it will incur penalties relating to shipping demurrage and replacement coal costs for the current customer expected to be in the vicinity of US$200,000.
Waratah announced August 4 it has entered into an agreement for the sale to an international coal trading company of a 55,000-ton trial cargo of thermal coal from South Kalimantan.
The expected dispatch of the cargo was late August 2014.
Editing by Reiner Simanjuntak