Golden Eagle allocates $30m capex for this year

By Thomas Sembiring

IDX-listed coal mining firm PT Golden Eagle Energy Tbk will allocate up to US$30 million for capital expenditure (capex) this year, much of which to be used to increase its stake in Tabalong coal mine, in South Kalimantan, and to finance the development of the mine.

?Most of the capex will be used to increase ownership in the Tabalong mine and to finance its development,? Golden Eagle President Director Roza Permana Putra told Petromindo.com recently, but did not provide further details.

Golden Eagle currently owns 34.17 percent stake in PT Tabalong Prima Resources, which owns the coal mine located in Tabalong Regency, South Kalimantan Province, following acquisition last year. Golden Eagle aims to increase its stake in the Tabalong mine, which is expected to start production this year, to 56 percent.

As has been previously reported, Golden Eagle plans to increase coal sales volume this year by 35 percent to 1.46 million tons, contributed by output from the Tabalong mine and its other coal mines in South Sumatra and Kalimantan.

Editing by Reiner Simanjuntak