Golden Eagle?s Triaryani concession to start selling coal this month
Tuesday, June 4 2013 - 01:32 AM WIB
IDX-listed PT Golden Eagle Energy Tbk is currently in talk with would-be buyer of the maiden coal output from its recently acquired Triaryani concession in Musirawas, South Sumatra, hoping to strike a deal this month.
?We can?t reveal yet the identity of the buyer. For certain, however, 72-75 percent of the coal from the Triaryani concession will be allocated for the domestic market because the huge potential,? President Director of Golden Eagle Hendra Surya told Petromindo.com Monday.
Regarding sales volume, Hendra said the company plans to sell between 1-2 million tons from the concession during the first year of production. ?The volume will be increased to 5.5 million tons per year over the next four years,? he added.
Golden Eagle acquired the Triaryani concession last year via subsidiary PT Triaryani. The concession, which started production early this year, has coal resources of 384 million tons, and reserves of 242 million tons with calorific value of 5,500 Kcal/kg ADB.
Meanwhile, Kontan daily reported Tuesday that Golden Eagle plans to acquire a coal concession in East Kalimantan this year. The company, according to Hendra as quoted by the paper, has allocated US$30 million to finance the planned acquisition.
He said that the acquisition target has coal reserves of 30 million tons with calorific value of between 4,200 and 4,400 Kcal/kg. He did not provide further details regarding the plan.
Elsewhere, Kontan said that going forward Golden Eagle also plans to enter coal gasification business.
Editing by Reiner Simanjuntak