GEAR: On track to achieve 14 MT output target for 2017
Wednesday, March 1 2017 - 01:34 AM WIB
Petromindo
SGX-listed Golden Energy and Resources Limited (GEAR) has sought approval from the Indonesian Government to raise the coal production of its coal unit PT Borneo Indobara (BIB) to 12 million tons (MT) per for 2017.
?Presently, the group is optimistic in its ability to obtain the approval, which will place it on track in achieving its target coal production volume of 14 MT for FY2017,? GEAR said in a statement on Tuesday. GEAR?s coal mining business is mainly run by IDX-listed subsidiary PT Golden Energy Mines Tbk, which is nearly 67 percent owned by GEAR.
GEAR said the increase in production output in BIB will be supported by GEAR?s wholly-owned transport infrastructure, which includes conveyor belts that enable direct loading onto large barges in the Java Sea, a dedicated port and BIB-controlled hauling roads.
In September 2016, GEAR further increased its coal reserves with the acquisition of the entire share capital of PT Era Mitra Seleras (EMS) with concession rights to PT Wahana Rimba Lestari (WRL), which has a JORC probable and proven coal reserves of 68 MT and coal resources of 183 MT.
The group is principally engaged in the exploration, mining, and marketing of thermal coal sourced from its coal mining concession areas, covering an aggregate of approximately 42,904 hectares in Indonesia?s South Kalimantan, Central Kalimantan, Jambi, and South Sumatra provinces.
Editing by Reiner Simanjuntak