Golden Eagle to produce up to 1.5m tons of coal

By Thomas R. Sembiring

IDX-listed coal mining firm PT Golden Eagle Energy Tbk aims to produce up to 1.5 million tons of coal this year from its mines in South Sumatra and South Kalimantan.

?Production target for this year is between 1.3 million tons and 1.5 million tons,? said President Director Hendra Surya on Wednesday, but fell short of saying the production target for each mine in South Sumatra and South Kalimantan.

He only said that the mine in South Sumatra, operated by subsidiary PT Triariyani, has been target to have sales volume of 425,000 tons this year.

Golden Eagle has a capital expenditure plan of US$42 million this year, of which about $6 million is allocated for Triariyani, which started production last year from concession in Musi Rawas Utara Regency, South Sumatra. The concession has coal reserves of 257 million tons based on JORC standard, and resources of 406 million tons.

Editing by Reiner Simanjuntak