China Qinfa Unit to Sell Coal to Affiliate
MT Newswires Live01-27
China Qinfa Group (HKG:0866) unit PT Sumber Daya Energi agreed to sell 210,000 metric tons of Indonesian steam coal to Zhejiang Energy Asia Pacific, a Jan. 24 bourse filing said.
The coal will be delivered in evenly spread shipments between January and March.
Transactions under the contract are capped at $112 million.
Zhejiang Energy Asia Pacific is a substantial shareholder of Lead Far Development, an indirectly non-wholly owned subsidiary of mining firm China Qinfa. Lead Far Development indirectly owns a 75% stake in PT Sumber Daya Energi.
Shares of the company were up over 1% in recent trade.
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