Coal mining company PT Golden Energy Mines Tbk (GEMS) terminated its coal sale and purchase agreement with GMR Coal Resources Pte Ltd.

Golden Energy Mines Corporate Secretary Sudin SH explained that on January 31, 2024, the company signed a deed of termination of the coal sale and purchase agreement and the coal sale and purchase support agreement.

"The signing of the deed of termination of the coal sale and purchase agreement and the coal sale and purchase supporting agreement between the company, including several of its subsidiaries, namely PT Borneo Indobara, PT Bungo Bara Utama, PT Bara Harmonis Batang Asam, PT Berkat Nusantara Permai, PT Karya Cemerlang Persada, PT Kuansing Inti Makmur, PT Tanjung Belit Bara Utama and GMR Coal Resources Pte Ltd (formerly GMR Infrastructure Investments (Singapore) Pte Ltd.) (GMR)," he explained in an information disclosure quoted on Monday, February 5, 2024.

He explained that the agreement refers to the coal sale and purchase agreement dated August 11, 2011, between the Company (as seller) and GMR (as buyer). 

Image source: Media Asuransi News / Ist

Source: https://mediaasuransinews.co.id/market/golden-energy-mines-gems-akhiri-kerja-sama-dengan-gmr-coal-resources/