Coal mining contractor PT Petrosea Tbk (PTRO), a wholly owned subsidiary of energy integrated company PT Indika Energy Tbk (INDY), has signed a term sheet in a bid to amend the existing coal mining contract with PT Adimitra Baratama Nusantara.
Under the contract amendments signed on January 18 2011, coal production of Adimitra Nusantara has been risen to 4 million tons in 2011 from initial plan of 3 million tons. The production in 2012 has been jacked up to 5 million tons from 4 million tons.
The contract period has been renewed to December 31 2018 from August 18 2014.In the first half of this year, coal mining contributed US$96.99 million revenue to Petrosea's consolidated revenue, the largest, while services and engineering and construction contributed US$9.28 million and US$6.13 million.
Disclosure: No position at the stock mentioned above.
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