The company expects to conclude a JV agreement with Garuda Coal within 30 days of the signing of the LOI.
PHI Energy will be the controlling shareholder in the JV, providing off-take contracts and financing to the project while Garuda Coal will be responsible for securing necessary concessions rights and managing local administrative and regulatory affairs.
The contemplated JV will be domiciled in Indonesia with key clients from China, India and Korea, aiming to secure sufficient coal resources to support monthly production of one to two million metric tons with 15 to 20 years of life.
