JAKARTA – PT Petrosea Tbk (PTRO), a construction and mining service provider company, signed a mining service agreement term sheet between PT Niaga Jasa Dunia (NJD) and PT Bara Prima Mandiri (BPM) last Tuesday (5/11).

It is mentioned in the information disclosure today (6/11), BPM is the holder of the Mining Operation Production Business License (IUP OP) in South Barito, Central Kalimantan, whereas NJD is the company that operates this mine.

In said term sheet, Petrosea will act as the mining service contractor that will work on overburden removal and coal excavation.

“Estimated overburden production of 135.46 million BCM and coal production of 7.53 million tons,” added Anto Broto, Corporate Secretary of PTRO, in the official release.

Based on the term sheet, the mining service agreement will be effective for approximately 8 months, from November 5, 2024 to December 31, 2031. In addition, Broto also mentioned that the contract value will arrive at IDR 4.03 trillion.

Until September 2024, PTRO booked revenue increasing 21.75% year-on-year (yoy) to USD 418.8 million, with net profit plummeting hard by 70.72% yoy due to swollen expenses. (ZH)