GAM Mine produces 1.2 million
Wednesday, June 7 2017 - 06:12 AM WIB
Coal miner PT GAM Coal Mine, a local unit of Korea-based LG International Group, said that it has produced 1.2 million tons of bituminous coal in the first five-month of commercial production stage.
GAM, a holder of the Mining Business License (IUP) in East Kalimantan, is targeting 3.3 million tons output this year. The company carried out trial production in September last year before running the commercial stage in early January.
?We are optimistic to meet the (production) target,? Managing Director of Batubara Global Energy (BGE) told Petromindo.com.
BGE, a trading company which is also a local unit of LG International Group, is off takers for GAM coal product.
According to LG website, GAM mine covers around 106 sqkm and is estimated to hold about 220 million tons of reserves. LG acquired a 60 percent stake of GAM in 2012 for US$210 million and has operational rights. It has signed supply contracts with utility and other businesses in India, China and other Asian countries.
Editing by Reiner Simanjuntak