Clough wins RI mining extension

Clough wins RI mining extension

PERTH: Clough Ltd., a mining and offshore services contractor, won a A$28 million (US$19.5 million) extension of a coal mining contract with PT Gunungbayan Pratamacoal, or GBP, in Indonesia.

The contract, for the removal of earth above a coal mine in east Kalimantan, was first awarded to Clough's 82 percent-owned PT Petrosea unit in November 1999 and was completed last month after generating A$172 million in revenue, Clough said in a statement to the Australian Stock Exchange. The contract will now be extended through to December, it said.

"The extension of the GBP contract further confirms our decision not to proceed with the strategic goal to sell down the group's interest in Indonesia," Clough Chief Executive David Singleton said in the statement. -- Bloomberg