Golden Eagle discovers new coal reserves in S. Sumatra
Saturday, October 11 2014 - 04:10 AM WIB
IDX-listed coal mining company PT Golden Eagle Tbk has found additional coal reserves at its coal concession in North Musi Rawas Regency, South Sumatra, operated by its subsidiary PT Triaryani.
The company said in a filing with the Indonesia Stock Exchange on Friday that the completion of exploration drilling at Teluk Betung, one of the three mining areas of the Triaryani concession, has provided additional coal reserves of 15 million tons, and resources of 22 million tons.
The latest findings at Teluk Betung, approved by an independent consultant in accordance with the JORC standard, increases the total reserves and resources at the Triaryani concession to 257 million tons, and 406 million tons, respectively, the company said.
Meanwhile, Kontan daily, quoting Golden Eagle Corporate Secretary Chrismasari Dewi Sudono, said Saturday that production at the Triaryani concession is expected to increase by 37.5 percent this year to 2.2 million tons from 1.6 million tons last year.
Aside from Triaryani, Golden Eagle holds a 40 percent stake in PT International Prima Coal (IPC), which holds a 3,238-ha coal concession in Samarinda, East Kalimantan. IPC, which is controlled by IDX-listed coal giant PT Bukit Asam Tbk, began coal production in 2011, and is expected to produce about 1.1 million tons this year.
Editing by Reiner Simanjuntak