ABMM inks 15m coal sales contract

JAKARTA. Publicly listed energy company PT ABM Investama (ABMM), through subsidiary coal miner PT Reswara Minergi Hartama, has sealed a long-term sales and marketing agreement with AVRA Commodities Pte. Ltd.

“The deal, for 15 million metric tons with a term of July 2012 to July 2017, was signed in Jakarta on July 13,” ABMM informed the Indonesia Stock Exchange (IDX) on Tuesday.

Under the agreement, AVRA Commodities will have the exclusive right to market and sell thermal coal produced by Reswara subsidiary PT Tunas Inti Abadi to selected buyers in China, the Philippines, Taiwan and Thailand.

As of the end of June, Reswara has secured sales contracts for 3.5 million metric tons, or about 80 percent of its 2012 sales target of 5.5 million
metric tons.

Shares in ABMM closed unchanged at Rp 3,575 apiece on Tuesday. (The Jakarta Post)