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Geo Energy unit to receive US$40m in prepayment for coal supply to Engelhart CTP
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.