Golden Eagle expects bigger revenue this year
Thursday, February 6 2014 - 03:13 AM WIB
The paper quoted company Corporate Secretary Chrismasari Sudono as saying that the Triaryani concession, located in Musi Rawas Regency, which was acquired in 2012, had actually started limited production since the first quarter of 2013, but the 20,000 tons of coal produced last year have not yet been sold to the market. She said that sales volume from the Triaryani concession was expected to reach more than 500,000 tons this year.
Assuming coal price of between US$30-40 per ton, Golden Eagle, which was acquired by the Rajawali Group in 2010, would earn gross revenue of between $25-20 million from the sales of the Triaryani coal, Kontan estimated.
Chrismasari said that Golden Eagle?s revenue last year was estimated to grow by 40 percent to $33.6 million, while net profit to jump by 50 percent to $24.1 million year-on-year.
She said that with extra sales coming from the Triaryani concession, the company?s revenue is expected to be stronger this year, but stopped short of disclosing the target.
Coal resources at the Triaryani concession is estimated at 384 million tons, while reserves at 242 million tons. Over the next three to four years, the concession is expected to deliver sales volume of 5.5 million tons of coal.
Another source of revenue for Golden Eagle would come from its PT International Prima Coal (IPC) subsidiary, which operates a coal concession in East Kalimantan. Last year, IPC produced about 1.06 million tons of coal, and this year, production is expected to be maintained around 1 million tons.
Meanwhile, sales volume of IPC this year is projected increase by 10-15 percent from last year?s 1.22 million tons, translating to projected sales volume of 1.34-1.4 million tons.
Assuming average price of $50-55 per ton, gross revenue from IPC is estimated at between $67-77 million. (*)