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GEO Energy Resources has struck two deals with Indonesia's coal-mining company PT Parisma Jaya Abadi (PJA).迷你倉最平The first is a mining services contract under which Geo Energy's subsidiary PT Mitra Nasional Pratama (MNP) will provide such services to PJA in a specified area of about 150 hectares within a concession area.PJA holds mining business permits for an area of 5,000 hectares in this concession area in the Kedung Murung and Lebak Mantan Villages, Kota Bangun and Muara Wis District, Kutai Kartanegara Regency, East Kalimantan Province."MNP shall receive a service fee of US$2.50 (excluding value added tax) per bank cubic metre for overburden removal. Additional fees shall be chargeable by MNP for services beyond the specified scope of work," said Geo Energy.The second deal is a mining co-operation agreement, under which another subsidiary, Geo Coal International Pte Ltd (GCI), and PJA have agreed to work with each other to produce coal in the same specified area, with coal produced from the area exclusively sold and delivered to GCI.Exploratory a儲存tivities have been undertaken by PJA, which has guaranteed that the potential coal contained in the specified work block is roughly 420,000 tonnes with calorific value in excess of 6,800 kcal/kg. MNP has started drilling and boring works at the site to ascertain the coal deposit. If the volume of coal produced from the site is less than 420,000 tonnes, PJA will assign to GCI additional work blocks to meet the shortfall.GCI will make an upfront payment of US$2.94 million to PJA within 14 days from the date of the agreement. The payment works out to US$61.55 per tonne of coal with calorific value in excess of 6,800 kcal/kg, and US$71.55 per tonne of coking coal.The agreement is effective until the production and sale of coal to GCI reaches 420,000 tonnes or mining activities at the work block (or any additional work blocks assigned) are no longer economically or technically feasible. GCI may terminate the agreement if production of coal does not reach 420,000 tonnes within the next 10 months.Geo Energy shares closed unchanged at 38 cents yesterday.mini storage