Jun 6, 2012

Reswara seals contract from Guangzhou Huaneng

PT Reswara Minergi Hartama, an integrated coal company and subsidiary of Hamami's PT ABM Investama Tbk (ABMM), has secured a coal sales contract of 500,000 metric tons from Guangzhou Huaneng Trading Co Ltd with estimation of delivery period in June to December 2012.

In a press statement published today, the contract was signed on Monday this week in Bali by Director Feriwan Sinatra at PT Tunas Inti Abadi, subsidiary of Reswara and Director Li Mei Xing at Guangzhoue Huaneng.
The contract from Guangzhou Huaneng is Reswara's fourth contract this year. With these contract, Reswara has managed to secure four contracts for coal sales amounting to 3.8 million metric tons or 68% of the total sales target of 5.5 million metric tons this year.
"We are delighted to secure up to 68% of the sales target in the middle of this year, amidst the slowdown of demand in the past few months," said President Director Harry Asmar at Reswara Minergi.
Guangzhou Huaneng is an importing coal company from Indonesia to China since 2010 and operates in line with growing demand for coal in Indonesia.
Reswara Minergi is a subsidiary of ABM Investama that gas coal reserves of 550 million metric tons from four mining concessions in South Kalimantan and NAD Aceh. Produced coal by PT Tunas Inti Abadi and PT Media Djaya Bersama are currently marketed through Reswara.

Disclosure: No position at the stock mentioned above.

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1 comment:

Singapore used car seller said...

Most of the coal to China was somehow due to the connection to power group in China.