SYDNEY (Yosefardi) – South East Asia Resources Ltd has, through its Singapore subsidiary, completed an offtake coal agreement from PT PAR, a semi-soft coking coal producer in East Kalimantan.
SEA Resources informed ASX this morning that the coal is being supplied under a long-term agreement to the newly commissioned Viet Trung coke plant on North Vietnam.
SEAER PTE, subsidiary of SEA Resources, have secured LC facility of US$2.4 million for the first shipment of 20,000 tons of the initial 120,000 tons, which has been facilitated through the Commonwealth Bank of Australia with a total initial contract revenue of US$14.4 million.
PT PAR coking coal mine is located near Balikpapan, East Kalimantan and has been under development to production by SEAER PTE. PT Debbia Mining us mining contractor for the coking coal mine. First shipment is scheduled on or around October 13, 2013.
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