Golden Energy eyes new markets of Vietnam, the Philippines

IDX-listed coal mining company PT Golden Energy Mines Tbk is seeking to enter new markets of Vietnam and the Philippines amid ongoing global weak market condition, Kontan reported on Tuesday.

The paper quoted Golden Energy Corporate Secretary Sudin Sudirman as saying that his company wants to develop the Southeast Asian markets.

Golden Energy has been exporting half of its output to India, Malaysia and Thailand. The other half of the output has been sold in the domestic market for power plant projects.

Coal for the export market has come from its mines in South Kalimantan, operated by subsidiary PT Borneo Indobara, while coal for the domestic market comes from mines in Jambi operated by subsidiary PT Kuansing Inti Makmur. Golden Energy has suspended operations at Central Kalimantan mines operated by subsidiary PT Trisula Kencana Sakti amid the lingering coal price drop.

Sudin said that coal production this year is targeted at 8.5-8.7 million tons, about the same as last year?s production.

Sales volume this year is expected to be also about the same as the estimated 10.5 million tons for last year.

The company this year has allocated US$15 million for capital expenditure, financed internally. (*)