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ublicly listed Adaro Energy, the nation’s largest coal miner by market value, aims to penetrate deeper into the Thai market as it seeks to soon secure a long-term shipment contract with the Southeast Asian neighbor.

In doing so, Adaro Energy is negotiating the sale of 12 percent of shares of its subsidiary Adaro Indonesia to the Electricity Generating Authority of Thailand (EGAT) in a deal that has an estimated worth of US$325 million.

Adaro Energy president director Garibaldi “Boy” Thohir expected to reach financial closure before year-end.

“They plan to build a big coal-fired power plant in southern Thailand, which is geographically close to Indonesia. So, this is going to be a positive move for Adaro Energy as we could secure a long-term supply to Thailand,” Boy said on Monday. “There aren’t too many companies like us in Indonesia that could supply the right specification of coal […] that is needed by the EGAT.”

The deal will also see Adaro Energy ship coal with calorific values between 4,500 and 4,800 kilocalorie per kilogram within a period of 25 to 30 years.

On Oct. 25, Thailand’s Cabinet approved the EGAT proposal, which Thai government spokesman Lt. Gen. Sansern Kaewkamnerd said was expected to support the EGAT’s long-term strategy to secure the country’s energy supplies.

The first investment portion of $164 million will be paid by the EGAT this year and the rest will be paid between 2022 to 2027, he added.

Adaro Energy last year produced 51.4 million tons of coal, 11 million of which was sold domestically, while another 40.4 million was exported worldwide.

The company exported 16 percent of its coal production to China in 2015, and 13 percent to both India and Japan. Meanwhile, exports to Thailand, which came from the Balangan site in South Kalimantan, accounted for less than 3 percent at that time.

As of October, the company had produced 39.3 million tons of coal, 75.57 percent of its total production target of 52 to 54 million of tons in 2016.

Adaro Energy booked a 15.8 percent annual decrease in revenues to $1.77 billion within the first nine months of this year, but efficiency efforts helped the company record a 21.67 percent drop in the cost of revenue to $1.31 billion. Hence, its net profit soared 16.16 percent to $209.1 million.

Shares in Adaro Energy closed at Rp 1,685 apiece on Monday, up 0.9 percent during the day. The stocks more than tripled their value since earlier this year when they were traded at around Rp 500 per share, thanks to positive financial performance, higher coal prices and productive corporate actions that have boosted investors’ confidence in the company’s stocks.

Coal prices reversed their plunge into gains recently after a surprise change in Chinese government policy that led the country to lower its domestic production and encouraged fuel prices to increase.

Therefore, coal exports to China have also surged, boosting global coal prices to more than $100 per ton in October.

On Oct. 12, Adaro Energy signed an agreement to supply coal to Thailand-based cement maker Siam Cement Group (SCG) to fulfill coal demand within SCG’s factories across Southeast Asia until the end of 2017.

The company has also recently completed the purchase of a 75-percent stake in IndoMet coal owned by the world’s biggest mining company, BHP Billiton, in a deal worth $120 million.

IndoMet Coal has seven working contracts located in Central and Eastern Kalimantan. The Haju mine has an annual capacity of 1 million metric tons, mostly consisting of coking coal. Coking coal, also known as metallurgic coal, is an essential ingredient in steel production.

Adaro Energy plans to keep all of the acquired company’s workers although it wants to change the name of IndoMet coal before the end of the year.