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Geo Energy completes 1st coal shipment from Tanah Bumbu mine in Indonesia

Geo Energy Resources Ltd. said Aug. 10 that it completed the first shipment of coal, comprising about 50,000 tonnes, from its Tanah Bumbu mine in Indonesia's Kalimantan province.

The shipment to PT Sulawesi Mining Investment, part of Chinese state-owned firm Tsingshan Holding Group, is valued at more than US$2 million, based on the average Indonesia Coal Index price for the preceding four weeks of about US$45 per tonne.

The Tanah Bumbu mine began production in June, and as of July 31 has produced approximately 88,000 tonnes of coal.

Geo Energy said the shipment is part of a market obligation set by the Indonesian government.