China Railway Group Ltd. won a $4.8billion order from PT Bukit Asam Tbk, Indonesia's state-owned coal producer, for a coal transport project on Sumatra island.
PT Bukit Asam Transpacific Railway, a unit of Bukit Asam, and China Railway signed the contracts on March 23. The contracts include rights to build and operate the facilities, the Chinese railroad builder.
The railway project will enable Bukit Asam to tap the bulk of the company's coal reserves on Sumatra, boosting its annual output. The railway, which is scheduled to start operating in 2014, will increase Bukit Asam's coal transport capacity by 25 million metric tons a year.
Bukit Asam and partners are in talks with four Chinese lenders to finance 70 percent of the project and the rest will come from internal cash, the statement said.
The project will help Bukit Asam increase its annual coal-transport capacity to 40 million tons by 2013.
The project will help Bukit Asam increase its annual coal-transport capacity to 40 million tons by 2013.
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