GEMS' trading unit eyeing triple increase of coal sales
Thursday, July 19 2012 - 01:57 AM WIB
A trading unit of PT Golden Energy Mines Tbk (GEMS) has set target to levitate coal sales to between 2.5 million tons and 3 million tons this year compared to between 700,000 tons and 800,000 tons in 2011, Robin Alimutomo, Vice President Marketing and trading of the company said.
GEMS' trading unit is in charge of purchasing coal from other miners for reselling it both to the GEMS' sister company of Asia Pulp & Paper ? a subsidiary of Sinar Mas - and to external buyers in domestic and overseas market.
The unit employs short and long term contracts with several coal producers both in Kalimantan and Sumatra to supply coal to GEMS.
"Of this year's target, the company has reached long-term offtake contract with an East Kalimantan miner to supply about 360,000 tons this year and a miner in Jambi which would supply 240,000 tons," he told CoalAsia recently. The remaining will be bought through the spot market and shorter term contracts.
Editing by David Mustakim