Bayan amends coal sale facility agreement
Coal miner PT Bayan Resources Tbk said on Tuesday that it has signed deed of amendment over facility agreement and FOB (free on board) contract for the sale & puchase of coal with Vitol Asia Pte Ltd last Thursday (Feb 25).
The original facility agreement between the two parties was signed on Nov. 25, 2007 . The second amendment was made on June 25, 2009 .
Under the latest amendment, installment made by Bayan Resources is raised to US$6.5 from US$5, for every ton of coal delivered to Vitol.
Both sides also agreed to delay the delivery of coal amounting to 1.18 million tons from initial plan of 2010 to between 2011 and 2014.
In addition, it was also agreed to reduce the recovery amount that must be paid under export contract worth US$9.26 million. (Roffie Kurniawan)