The parcel was made up of 8000t of coking coal and 15,000t of pulverised coal injection coal.

"This sale will generate immediate revenue for BBM and Cokal," the company said.

"Cokal has been paid 80% of the anticipated revenue from this sale by ICT as per the terms of the International Coal Marketing Agreement.

"The coal has been sold into the export market as pricing and terms are superior to what is available in the Indonesian domestic market."

Cokal said domestic sales of coking coal and PCI coal to local end-user clients in Morowali, Sulawesi, were anticipated to begin in early 2024. 

ICT carries the timing and credit risk for the final sale to the end user. 

Cokal receives the full sales price less a 6% discount off the final sale amount to the end user, from ICT.

The ICMA was entered into as part consideration for ICT providing Cokal with US$20 million of capital to fund the development of BBM.

The agreement gives ICT the marketing rights for BBM coal sold on international markets and the ability to purchase coal from BBM at the same price and terms as other customers.

The ICMA terms provide for BBM to receive 80% of the coal price upon the loading of barges from the intermediate stockpile.