China Railway Group said on Thursday that it had won an Indonesian coal transport contract worth US$4.8bn. China Railways will be responsible for the design, construction and maintenance of the South Sumatra project, with design and construction priced at US$1.3bn and maintenance at US$3.5 bn. The contract with Indonesia's Bhakta Hill Pan Pacific Railway Corporation includes four years of construction with an operational period of 20 years, the company said. (Reuters)
We will further seek information from Bukit Asam regarding the contract, proposed financing, and the existence of Bhakta Hill Pan Pacific. Previously it was understood that Transpacific, PTBA partners in the project would team up with Prayogo Pangestu from Barito Pacific. We consider the appointment of EPC contractor, is a positive step forward in the long awaited progress on the deal. The project calls for construction of a 300- kilometer railway from Bukit Asam’s Banko coal concession in South Sumatra to Srengsem Port in Lampung. It has been stalled since 2007, when Bukit Asam, Transpacific Railways and China Railway Engineering formed a
joint venture company named PT Bukit Asam Transpacific Railway to develop the project. It finally approved by the Transportation Ministry in October 2009. In its full capacity, the railway could carry 20Mtpa of coal, an increase from PTBA 2009 production of 11.6Mt. At Rp16,350, PTBA is traded at PER10F and PER11F of 12.8x, and 11.6x, respectively.
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