The contract, for an 8000-tonne barge, was reached with a Singaporean buyer.

Under the sales agreement, a 50% total purchase price down payment will be due in five working days, while a 40% payment will be due on barge loading in March.

There will be a 10% adjustment subject to cargo.

Jatenergy chief executive officer Phil Hodgson said the contract marked a major milestone for the company.

“Securing this first coal sale underscores buyer confidence in our ability to deliver reliable, good quality thermal coal from our operations,” Hodgson said.

Jatenergy entered into a joint venture agreement with a local Indonesian partner to develop the Jongkang mines, which are located about 25km from the coal shipping hub of Samarinda.

The company started mining first coal from the Jongkang II mine in October 2011 while its Jongkang 1 mine started production this year.

Jatenergy chairman Alan Broome said the revenue from the contract would be applied to its Katingan project in Central Kalimantan.