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Agritrade acquiring longwall system to boost coal mine production capacity

Agritrade Resources Ltd. said May 14 that its Agritrade Mine Holdings Ltd. unit signed a contract to acquire a complete longwall system for its Merge underground coal mine in Indonesia from a Chinese manufacturer for 139.4 million Chinese yuan.

The acquisition will give the mine two longwall systems, which Agritrade expects to boost Merge's annual production capacity by about 2.5 million tonnes to approximately 3.5 million tonnes.

Agritrade, in February, signed a long-term contract to sell 700,000 tonnes of Indonesian thermal coal to an international trader between the first quarter of this year and the first quarter of 2019.

As of May 14, US$1 was equivalent to 6.34 Chinese yuan.