JAKARTA. PT Petrosea Tbk. (PTRO) and its subsidiary, PT Karya Bhumi Lestari (KBL), have signed a mining service contract agreement with PT Kartika Selabumi Mining (KSM) and PT Palm Mas Asri worth IDR 2.7 trillion.
Petrosea's Head of Corporate Secretary & Investor Relations Anto Broto explained that Petrosea acted as project management while KBL was the contractor for work on the KSM mining area located in Kota Bangun, Kutai Kartanegara, East Kalimantan.
"The duration [of the contract] is seven years until December 31, 2027, with an estimated contract value of IDR 2.7 trillion," said Anto as quoted from his official statement, Thursday (8/4/2021).
Karya Bhumi Lestari is a wholly owned subsidiary of Petrosea. The focus of KBL's business activities is to support Petrosea in the mining and construction sector, particularly heavy equipment procurement.
In the contract, said Anto, Petrosea is targeting a coal production volume of 3.95 million tons. Petrosea believes that the achievement of this contract will help Petrose's performance this year. (AM/LM)