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Indonesia's Adaro wins coal supply contracts to India and Thailand

Indonesia's Adaro wins coal supply contracts to India and Thailand

Jakarta: Indonesia's largest coal producer by market value, PT Adaro Energy Tbk has won contracts to sell up to a total of 6m tonnes of coal per year to firms in India, Thailand and Indonesia, writes Reuters. Adaro, which has a market capitalisation of $4.28bn, sells to 48 customers in 18 countries worldwide, including power utilities Thai Power and Indonesian state electricity firm Perusahaan Listrik Negara (PLN).

"These are new coal-fired power plants actually starting up. One's in India, one's in Thailand, one's in Indonesia...Those contracts are from 1.5ms to 2m tonnes on each of those three contracts, so the maximum is 6m tonnes," Adaro's marketing director, Alastair Grant, told reporters.

He said the first delivery for the contracts was expected in December and due to confidentiality agreements could not name the customers.

Adaro aims to produce 42-45m tonnes of coal this year, up from 38.5m tonnes in 2008, and aims to crank up production to 80m tonnes per year in the next five years.

Grant said on Tuesday the firm was expecting to increase sales to China to about 3.5m tonnes in 2009, compared with about 2m tonnes last year.

With higher sales volume, Adaro has forecast double-digit growth in revenue and net profit this year.  [04/06/09]

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