Australia-listed coal miner Kangaroo Resources Limited, which will be majority owned by PT Bayan Resources Tbk (BYAN), today reported total sales of 20,950 tons of semi-soft coking coal in January 2011. The coking coal was contributed by its 100% shareholding-owned Mamahak coal project in East Kalimantan.
Bayan Resources, controlled by billionaires Dato' Low Tuck Kwong and Jenny Quantero, will be 57% shareholder in Kangaroo Resources after it completed a proposed back-door listing in Australia stock market.
In an official statement obtained by Insider Stories today, Mamahak's coal sales in January surpassed the figure in December in which it posted 9,882 tons. The higher sales volume reflected the continued ramp-up in production at Mamahak.
The coal sales generated approximately US$2 million in revenue. Kangaroo said another US$15,700 tons of coal is waiting at the Mamahak port site for immediate sale.Kangaroo has already begun working with Bayan at Mamahak project, taking advantage of Bayan's experiences to assist ramp up the project.
Disclosure: No position at the stock mentioned above.
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