Coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed a 5 year mining contract with value of US$160 million from PT Hareda Krida Utama.
In a press statement published today, Bayan, that is controlled by Indonesian businessman Dato' Low Tuck Kwong, will realise the contract on January 1 2012, including the removal of the overburden volume of 52.2 million bank cubic meter and coal hauling quantities of 2.3 million metric ton over the next 5 years.
"The partnersehip with Hareda Krida is aimed to increase the coal production at GBP. We believe Hareda Krida, as an experienced mining contractor, will help GBP to jack up its production, providing a value added to the Bayan Group's performance," said Bayan President Director Eddie Chin.
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