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Agritrade Resources Takes Second Longwall System for Its Merge Mine

2018-05-15 18:22
https://photos.prnasia.com/prnvar/20180515/2133661-1

Production Capacity Will Reach 3.5 Million Tonnes at Designated Site

HONG KONG, May 15, 2018 /PRNewswire/ -- Agritrade Resources Limited ("Agritrade Resources" or the "Company", stock code: 1131.HK, or together with its subsidiaries collectively referred to as the "Group") today is pleased to announce that Agritrade Mine Holdings Limited, a direct wholly-owned subsidiary of the Company, entered into an equipment supply contract to acquire (the "Acquisition") a complete set of longwall system from Zhengzhou Coal Mining Machinery (Group) Co., Ltd., a leading comprehensive coal mining and excavating equipment manufacturer in the People's Republic of China at a consideration of RMB139,400,000 for the Group's mining operation at the Merge Mine in Indonesia.

Signing ceremony at Agritrade Resources’ Singapore Headquarters. Left to Right: Mr. Ashok Kumar Sahoo, Chief Financial Officer & Executive Director, Agritrade Resources; Mr. Ng Xinwei, Chief Executive Officer & Executive Director, Agritrade Resources; Mr. David Zhang, Vice President, Zhengzhou Coal Mining Machinery; Mr. Deng Gaofeng, Deputy Director, International Business, Zhengzhou Coal Mining Machinery
Signing ceremony at Agritrade Resources’ Singapore Headquarters. Left to Right: Mr. Ashok Kumar Sahoo, Chief Financial Officer & Executive Director, Agritrade Resources; Mr. Ng Xinwei, Chief Executive Officer & Executive Director, Agritrade Resources; Mr. David Zhang, Vice President, Zhengzhou Coal Mining Machinery; Mr. Deng Gaofeng, Deputy Director, International Business, Zhengzhou Coal Mining Machinery

After the Acquisition, the Merge Mine will be operated with two longwall systems. The Company expects that the production capacity of the Merge Mine will be increased by approximately 2.5 million tonnes annually following the Acquisition, reaching a total annual production capacity of approximate 3.5 million tonnes.

The Merge Mine is the only large-scale, mechanised longwall underground coal mine in Indonesia. Additionally, the Merge Mine has significant JORC compliant proved and probable coal reserves of 97.1 million tonnes and produces run-of-mine coal with low inherent moisture, low sulphur content and high calorific value of approximately 6,426 kcal/kg on air-dried basis, which is similar in quality to benchmark Newcastle coal of 6,300 kcal/kg.

Mr. Ng Xinwei, Chief Executive Officer and Executive Director said, "The fully retreating mechanised longwall mining is a proven and accepted mining method that reduces operating cost. The longwall operations also allow the Group to economically extract high quality coal. I believe taking a second longwall to our flagship will further enhance the Group's capability to tap into the underground coal mining opportunities present in Indonesia and ultimately help us achieve our goal in becoming an integrated energy solutions provider."

About Agritrade Resources Limited (Stock Code: 1131.HK)

Agritrade Resources Limited is a leading energy solutions provider headquartered in Singapore and listed in Hong Kong. The Company is the first to introduce large-scale, fully-mechanised underground coal mining in Indonesia. This technical and production niche, together with its integrated supply chain solutions from pit-to-port, enables the Company to transport the coal efficiently and reliably to its customers.

For more information, please visit the Company's website: http://www.agritraderesources.com/

Photo - https://photos.prnasia.com/prnh/20180515/2133661-1

Source: Agritrade Resources Limited

Related stocks: HongKong:1131

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