20/01/2009 - 11:32

Clough secures $377m Indonesian contract

20/01/2009 - 11:32

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Shares in Clough have risen as high as 16 per cent today on news that its Indonesian subsidiary has secured a mining contract valued at $377 million.

Clough secures $377m Indonesian contract

Shares in Clough have risen as high as 16 per cent today on news that its Indonesian subsidiary has secured a mining contract valued at $377 million.

Clough sealed the deal through majority owned subsidiary PT Petrosea for the mining of the Santan Bartubara coal concession worth an estimated $US250 million ($A377 million).

The coal concession, which is located in East Kalimantan Indonesia, is owned by PT Santan Batubara, a 50/50 joint venture between PT Petrosea and PT Harum Energy Indonesia.

The five year contract, which is for overburden removal, coal recovery and loading at Santan's Separi mine site in East Kalimantan, was officially signed on 16 January 2009 at PT.

"This builds on Petrosea's order book and will strengthen the strong relationship it has established with PT Harum Energy for development of the Santan Coal Concession,'"Clough chief executive John Smith said.

Clough's share price rose five cents earlier today to an intraday high of 35c before easing to 34c at 13:49 AEDT.

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