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Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES


COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipment during the next week, coming after a 4000 tonne sale which was shipped earlier in April. Production is continuing according to plan from the company’s two Jongkang mines in East Kalimantan, Indonesia.

Jatenergy’s Chief Executive Officer Phil Hodgson said: “These continued sales underscore buyer confidence in our ability to reliably deliver good quality thermal coal from our operations. We have banked over US$230,000 in revenues from our sales in March. We are now a fully-fledged coal operator in Indonesia – something very few other Australian coal companies operating there can claim.”

The company’s Indonesian Chief Operating Officer, Chris Flanagan, said ”Production from both our Jongkang I and Jongkang II operations are running according to plan.

We have also advanced our mine development plan for the Atan Bara project, with drilling and topographical surveys nearly completed for an initial mine plan. We remain on track to start mining coal during the third quarter of this year from that project.”

The latest Jongkang sales contract is to be delivered in two barge loads, and involves a market-based FOB price for 6,500 kcal/kg specification coal.

Jatenergy’s Chairman Alan Broome said: “The experience that we have assembled on the ground in Indonesia is paying off, even though we only sold our first coal shipments in March.

Kalimantan is an area with huge growth potential for our company. As previously stated, the revenue will be applied to our significant Katingan project in Central Kalimantan, as well as to secure and develop larger short-to-production projects now under review in Indonesia,” according to the statment posted on company's website.



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