Geo Energy set to ship 7.5 million tons of coal to Engelhart in 2018
Viriya P. Singgih
The Jakarta Post
Indonesian coal miner Geo Energy Resources Limited is set to generate US$345 million in revenue from the shipment of 7.5 million tons of coal to London-based commodity trader Engelhart CTP in 2018.
Geo Energy, listed in Singapore, has received a prepayment of $40 million from Engelhart for the shipment, which is produced from the former’s Sungai Danau Jaya mine in Kalimantan.
“Engelhart plays a major role in distributing our brand of coal in China, and will also efficiently map out demand in other regions such as in Southeast Asia,” Geo Energy CEO Tung Kum Hon said in a recent statement.
After commencing coal production in December 2015, Geo Energy delivered 5.5 million tons of coal to Engelhart in 2016 and 5.6 million tons in the first nine months of 2017. On Dec. 1, Geo Energy also shipped 153,000 tons of coal to Indian mining giant Adani.
“We are also in the [middle] of discussions and finalizing the offtake prepayment and mining services contracts for our newly acquired Tanah Bumbu Resources mine [also in Kalimantan], which we will be announced shortly,” Tung Kum Hon said.
In total, Geo Energy owns mining concessions and coal mines in Kalimantan with marketable coal reserves of more than 90 million tons. (bbn)
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