PT MNC Energy Investments Tbk (IATA), through one of its subsidiaries, PT Bhakti Coal Resources (BCR), has signed a coals sales agreement worth USD 108 million.

Aside from BCR, the involved parties in said deal include SAII Resources Pte Ltd, Visa Resources Pte Ltd, and CPTL Pte Ltd. In this agreement, BCR acts as the seller, while the other three are the buyers.

According to the contract, the amount of coals provided by BCR for SAII Resources and Visa Resources is 500 thousand metric tons (MT) each, which is worth USD 27.11 million. Meanwhile, the amount of coals for CPTL is 1 million MT worth USD 54.21 million in total.

On top of this purchase, CPTL will invest USD 10 million in the construction of hauling road and port conveyor of PT Bhumi Sriwijaya Perdana Coal, one of BCR’s subsidiaries. This investment is intended to boost production and transportation efficiency.

“The company will gain extra revenue of USD 108.42 million from these three contracts and will continue to keep an eye for more contracts in the future, as the production increases,” the management of IATA stated in the official disclosure.

Based on idnfinancials.com data, IATA had sold 1,79 million MT of coals in the first half of 2022. It is equal to approximately 98% of the total coals sold in the entire year in 2021.

Source: https://www.idnfinancials.com/news/44379/iata-secures-coals-sales-contract-worth