BlackGold sets coal output target at 675,000t
Monday, May 23 2016 - 01:16 AM WIB
SGX-listed BlackGold Natural Resources Limited expected coal production this year to reach 675,000 tons from its coal concession in Riau operated by subsidiary PT Samantaka Batubara (SB) which began production in March.
The company said in a recent statement that a total of 665 tons of coal were produced to the end of first quarter 2016. An insignificant amount of cash was used in its production activities.
?Mining operations will initially commence within the PTSB Concession, with pit design and mine development plans finalized for the SB Mine Pit 1, covering an area of 510 hectares,? BlackGold said.
Development of the group?s mine site, jetty and port facilities are currently underway, it added
On April 21, PTSB entered into a coal sales contract with a Riau enterprise for the delivery of an initial 26,000 tons of coal. First delivery took place in April, while total delivery expected to be completed by the second quarter of 2016.
BlackGold is an Indonesia-focused coal mining company targeting Indonesia's growing power plant industry. The group, through its local subsidiaries, has the rights to three coal concessions in Riau. PTSB has coal concession for an area of 15,000 hectares in Riau province, and has over 200 million tons of coal resources (JORC code).
Editing by Reiner Simanjuntak