Waratah Resources Limited has entered into an agreement for the sale of a 55,000 t trial cargo of thermal coal from South Kalimantan, Indonesia, to an international coal trading company.
The expected dispatch of the cargo is late August 2014.
Over the past nine months, Waratah has developed a strong relationship with its Indonesian partner concerning the supply of quality thermal coal from a long-term producing mine.
Subject to the success of this cargo and further negotiations with the buyer, Waratah expects this trial to be a precursor to a series of further revenue generating transactions, potentially leading to a longer-term supply agreement.
Executive Chairman, Ben Kirkpatrick, commented: “This is another significant step forward in the development of Waratah’s Commodities Trading Division.”
Adapted from press release by Katie Woodward