Golden Eagle to increase coal output to 2m tons this year
Thursday, April 6 2017 - 03:11 AM WIB
The paper quoted Golden Eagle President Director Roza Permana Putra as saying that the company?s coal production target set under its 2017 work and budget plan (RKAB) has been approved by the Ministry of Energy and Mineral Resources.
The company is hoping it would be able to increase revenue this year by ramping up coal production. In the fourth quarter of last year, the company ramped up production following a recovery in the price of the commodity, allowing it to nearly double revenue last year to Rp 56.06 billion, thus shrinking its net loss last year by 67.23 percent to Rp 16.44 billion.
The paper said that Golden Eagle?s coal production comes from its subsidiary PT Internasional Prima Coal, which operates mines in East Kalimantan, where the company hopes to produce 1.5 million tons of coal this year. Another subsidiary PT Triaryani, which operates minein Musi Rawas, South Sumatra, aims to increase production this year to 500,000 tons from 161,000 tons last year.
Elsewhere, Roza reiterates the company?s intention to increase stake in PT Tabalong Prima Resources, which owns mine in Tabalong Regency, South Kalimantan. The company will allocate capital expenditure of US$25 million -$30 million this year, most of which to help finance the acquisition of additional shares in Tabalong.
The company currently holds a 34.17 percent shares in PT Tabalong, and aims to increase it to 56 percent. Roza, however, could not say when it would complete the acquisition of the additional shares, which would allow the firm to increase its coal reserves. (*)