GEMS spends Rp 763.8 million for exploration in June
Monday, July 15 2013 - 03:06 AM WIB
IDX-listed coal firm PT Golden Energy Mines Tbk (GEMS) has accumulatively spent Rp 763.8 million or US$75,616 for June exploration activities at its concession areas.
Three of its four subsidiaries PT Borneo Indobara (BIB), PT Kuansing Inti Makmur (KIM) and PT Manggala Alam Lestari (MAL) and conducted exploration activities, while there was no exploration activity at the concession of PT Trisula Kencana Sakti (TKS), according to the company?s monthly exploration activities report published on Friday.
BIB, which owns second generation Coal Contract of Work covering 24,100 hectares of concession area in South Kalimantan, spent Rp 149.1 million for exploration activities in Sebamban area. In June, BIB has conducted open hole and touch coring drilling in 15 boreholes. BIB plans to perform development exploration drilling in Sebamban, one of four BIB?s mining blocks. Sebamban contains 27.6 million of sub-bituminus coal with calorific value 5,200 ? 5,700 kkal/kg (ADB) resource.
KIM and subsidiary, which owns mining business permit covering 2,610 hectares of concession area in Sumatra, spent Rp 21.7 million to drill 8 boreholes with total depth at 408.46 meters and will focus on coal subcrop drilling. Two mining blocks, KIM Timur and KIM Barat, of the company is estimated to hold 261.6 million tons of sub-bituminus coal with calorific value of 5,600 ? 6,000 kkal/kg (ADB).
MAL and subsidiary, which manages 4,836 hectares of concession area in South Sumatra, spent Rp 592.8 million to drill 13 boreholes with total depth at 243.75 meters. There has not been any mining activities in the area yet.
Meanwhile, there was no exploration activity in TKS?s concession area in June. TKS manages 9,707 hectares of concession area in Muara Taweh Regency, Central Kalimantan.
Editing by Reiner Simanjuntak