Geo Energy Resources Limited (RE4) said on May, 18 2026 that it has entered into two non-binding memoranda of understanding connected to its planned acquisition and development of the PT Harfa Taruna Mandiri hard coking-coal mine in Central Kalimantan.

Under the first MOU, Trafigura Pte Ltd intends to offtake and market 100 per cent of Harfa’s export coal—about 1.5 million tonnes per year—at prevailing hard premium coking-coal prices minus a marketing fee. Trafigura will provide an offtake prepayment of between US$50 million and US$100 million to fund mine ramp-up and operations.

The second MOU appoints PT East Wonders Indonesia, backed by China’s Shanxi Yulong Group, as the underground mining contractor for 15 years. The contractor plans initial capital spending of about US$60 million to establish underground operations and may fund additional capital and operating costs. Preliminary studies indicate reserves of 15–20 million tonnes of premium hard coking coal.

Geo Energy said the agreements are subject to the execution of definitive contracts.