Geo Energy unit to receive US$40m in prepayment for coal supply to Engelhart CTP
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COAL mining group Geo Energy Resources has agreed to supply global commodities group Engelhart CTP (Singapore) with at least seven million tonnes of coal next year under an earlier-agreed offtake agreement.
Geo Energy Resources, through its subsidiary Geo Coal International Pte Ltd, will receive a prepayment of US$40 million for 2017 in conjunction with this supply, it said in an announcement on Monday.
The group in July this year secured a deal to supply Engelhart CTP for the entire lifespan of its wholly owned coal mine.
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