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Geo Energy increases 2018 coal supply volume to Engelhart

Geo Energy Resources Ltd. received an additional prepayment of US$40 million from Engelhart CTP (Singapore) Pte. Ltd. for increased coal off-take from the Sungai Danau Jaya mine in Indonesia.

The company agreed to supply a minimum of 7.5 million tonnes of coal to Engelhart in 2018, with the sale expected to yield over US$345 million in revenues next year.

Geo Energy has fulfilled its obligations to supply Engelhart with 4 million tonnes of coal until Jan. 31, and 7 million tonnes from Feb. 1 through Dec. 31.

The company noted Dec. 26 that it is negotiating and finalizing the off-take prepayment and mining services contracts for its Tanah Bumbu coal mine next to Sungai Danau Jaya.