Jatenergy makes exporter moves

INDONESIAN coal producer Jatenergy says it has stockpiled 2500 tonnes of coal ready for first exports.
Jatenergy makes exporter moves Jatenergy makes exporter moves Jatenergy makes exporter moves Jatenergy makes exporter moves Jatenergy makes exporter moves

Coal stockpile at Jongkang I. Courtesy of Jatenergy.

Lauren Barrett

Jatenergy chief executive officer Phil Hodgson said the company battled unfavourable weather conditions to increase its stockpile from the company’s Jongkang 1 and Jongkang II mines.

“Our export stockpile is increasing by about 500 tonnes per day despite recent poor weather conditions in the region,” he said.

“We are in the final stages of securing our first coal sale contract, and expect to start shipping coal from the stockpile during the next few weeks.”

Jatenergy entered into a joint venture agreement with a local Indonesian partner to develop the Jongkang mines, which are located in the mining region of East Kalimantan, 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 has contributed approximately $A1 million up-front for the working capital costs of both projects in return for 30% of the mining margin and the ability to market both projects’ entire output.

Meanwhile, Jatenergy said it had also appointed Alan Broome to take on the role of company chairman.

Broome, who is also the chairman of Australian coal explorer Endocoal, has more than 20 years experience in the mining industry.

“I am excited to take on the position of chairman of Jatenergy at this stage of its development as a coal producer,” he said.

“Jatenergy’s combination of coal and biofuels is a unique diversification strategy and I see great potential for value uplift in this emerging energy company.”