54, 100 MT OF NON-COKING COAL

Commodity:
Non Coking Coal in bulk of Indonesia origin.

Quantity & Delivery Period:
54,100 MT loaded and sailed from BCT, Indonesia  3rd Dec 2008

Shipment:
Port of Loading : Balikpapan Coal Terminal, East Kalimantan, Indonesia

Coal Specifications:
As per ASTM standard : On Air Dried Basis (ADB), unless otherwise specified
                                                                                                Guaranteed Rejection
Total Moisture (ARB) 18%
Inherent Moisture (ADB) 12% approx
Ash (ADB) 14 %                                                                      above 16%
Volatile Matter (ADB) 42% - 45% approx.
Sulphur (ADB) 1.2 %                                                             above 1.2%
Fixed Carbon (ADB) By difference -
Gross Calorific Value (ADB) 6,300 kcal/kg                        below 6,100 kcal/kg
HGI 40 approx
Size  0 - 50mm

Price :
USD 85  PMT (United States Dollar Eighty Five) CFR India basis 12000 MT SHINC disrate.

Rejection:
BUYER has the option to reject the cargo if the actual analysis result of
any shipment for Gross Calorific Value (ADB) is below 6,100 kcal/kg, and/or Ash (ADB) above 16% and/or Sulphur (ADB) above 1.2%.

Price & Weight Adjustments:
Basis Sampling and Analysis report by the certificate of sampling and
analysis issued by PT GEOSERVICES or any other mutually agreed inspection agency, and the following penalties shall be applicable:

a) Total Moisture (ARB)
If the actual total moisture exceeds 18% (ARB) as stated in the surveyor's
certificate at Por of Loading, then the B/L weight shall be reduced as per the following formulae, till rejection limit:

Invoice Weight = BL Weight X [(118% - Actual TM% (ARB))]   100%

b) Gross Calorific Value (ADB)
If the actual Gross Calorific Value (GCV) supplied falls below or exceeds
6,300 Kcal/Kg (ADB), then FOBT Price shall be derived basis the following formula, till rejection limit:

Actual GCV (ADB)
Adjusted FOBT Price = ------------------------------- x Base FOBT Price
6,300 Kcal/Kg (ADB)

c) Ash (ADB)
If the actual ash exceeds 14% (ADB) as stated in the surveyor's certificate
at Port of Loading, then the Invoice weight shall be derived as per the following formulae, till rejection limit:

Invoice Weight = BL Weight X [(114% - Actual Ash% (ADB))] 100%

Weight and Quality Determination :

Weight : The cargo weight of the shipment shall be calculated to the nearest metric
ton (MT) using draft surveys and shall be determined at the Port of Loading. The draft surveys shall be conducted by PT. Geoservices or any other mutually agreed inspection agency. The PT. Geoservices or any other mutually agreed inspection agency shall provide the corresponding Certificate of Weight for the shipment at Port of Loading. The weight so determined shall be final and binding upon SELLER and BUYER for the purpose of this contract, and shall form the basis of settlement unless adjustment is required in accordance with Article 7 hereof.

The costs of draft surveys at Port of Loading shall be for the account of SELLER.

Coal Quality: The sampling and analysis of the coal shipment shall be conducted at the
Port of Loading by PT. GEOSERVICES or any other mutually agreed inspection agency. The PT. GEOSERVICES or any other mutually agreed inspection agency shall provide the corresponding Certificate of Sampling and Analysis for the entire cargo loaded on BUYER's nominated vessel at Port of Loading. Such coal quality determination at Port of Loading shall be final and binding upon SELLER and BUYER for the purpose of this contract, and shall form the basis of settlement unless adjustment is required.

Commodity:
Non Coking Coal in bulk of Indonesia origin.