Geo Energy Resources receives additional US$40 mil prepayment for 2018 coal supply

SINGAPORE (Dec 26): Geo Energy Resources, the Indonesian coal mining group, has received an additional prepayment of US$40 million ($53.8 million) from Engelhart CTP (Singapore) (ECTP) for the supply of coal in 2018.

Next year, Geo Coal International (GCI) will supply a minimum quantity of 7.5 million tonnes to ECTP.

The sale is expected to yield the group more than US$345 million in revenue next year based on the current Indonesian Coal Index (ICI) price of US$46 per tonne for 4,200 GAR coal.

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