Baramulti to boost coal export to S. Korea this year
Thursday, March 16 2017 - 06:42 AM WIB
Petromindo|Thomas
IDX-listed coal mining firm PT Baramulti Suksessarana Tbk (BSSR) said it plans to boost coal export to South Korea this year, reducing its exposure to India and China.
Finance Director Erick Rahardja said that South Korea last year accounted for around 8 percent of the company?s total sales volume last of 8.25 million tons. ?We expect South Korea to account for 15-20 percent (this year),? he told Petromindo.com on Wednesday.
He said the South Korea is the firm?s fourth largest market after India (accounting for 38 percent of total sales), China (31 percent) and the domestic market (18 percent).
Erick said that his company also plans to increase sales in the domestic market this year to around 25 percent of the total sales.
He said consequently, the contribution of the markets in India and China, where government policies have been quite difficult to predict, will decline.
He added that about 30 percent of the company coal sales volume target for this year have been contracted.
Baramulti plans to increase coal production this year to around 10 million tons from 7.94 million tons last year. It has allocated capital expenditure of US$13.3 million for this year.
Baramulti?s coal concession in South Kalimantan Province is operated by subsidiary PT Antang Gunung Meratus (AGM). Meanwhile, concession located in Loa Janan, East Kalimantan, is operated by the company itself.
Editing by Reiner Simanjuntak