| 10/29/2008 - Gunungbayan Pratamacoal , has signed a 5-year mining contract with PT Petrosea Tbk |
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Jakarta, October 29, 2008 - PT. Bayan Resources Tbk (Bayan) announced today that its subsidiary, PT. Gunungbayan Pratamacoal (GBP), has signed a 5-year mining contract with PT Petrosea Tbk. (PTP) for overburden removal with a total contract value of approximately USD 300 million. This contract will commence on 1st January 2009.
PTP has been operating at GBP from November 1999 under two contracts, the last of which is due to expire at the end of December 2008. The new contract has overburden production targets of 36 million BCM per annum.
Bayan’s President Director, Eddie Chin said: “We believe that our strong relationship and support received from PTP will positively contribute to our activities and secure future production from one of our main mines without any interruption to our operations”.
About Bayan Group The Bayan Group was the eighth largest coal producing group in Indonesia in terms of production volume in 2007 and has integrated coal mining, processing and logistics operations as well as being engaged in thermal coal mining. The Bayan Group produces coal with a wide range of calorific values. About GBP GBP is a coal mining company that has a second generation CCOW to mine in Muara Pahu, East Kalimantan. GBP is split into 2 separate blocks with a total combined concession area of 24,066 hectares. |