Baramulti plans lower capex of $6.6 million
Thursday, March 10 2016 - 01:54 AM WIB
IDX-listed coal mining firm PT Baramulti Suksessarana Tbk allocates lower capital expenditure (capex) for this year amid the lingering coal industry downturn.
The company, which operates coal mines in South and East Kalimantan, said in a presentation materials seen Tuesday that 2016 capex has been set at US$6.6 million compared to $7.02 million allocated for last year.
Baramulti said that $2.85 million of the capex will be used to finance the construction of infrastructure facilities, $1.1 million for machinery and heavy equipment, and $2.65 million for other supporting facilities.
The company plans higher coal production of 8.6 million tons this year, of which 7.1 million tons (up from 6.7 million tons last year) are expected to come from its subsidiary PT Antang Gunung Meratus, which operates coal mine in South Kalimantan, and another 1.5 million tons (up from 1.02 million tons) from the company?s Loa Janan mine in Kutai Kartanegara Regency, East Kalimantan.
Editing by Reiner Simanjuntak