Golden Energy hopes newly acquired asset to start production 2018

By Brigida Ernestina Elu Wea

IDX-listed coal mining company PT Golden Energy Mines Tbk (GEMS) hopes its recently acquired coal asset, West Sumatra-based coal mining firm PT Era Mitra Selaras, to be able to start production in 2018.

This was said by Fuganto Widjaja, President Director of GEMS to Petromindo.com on Tuesday. He explained that in the initial phase, the company would carry out exploration, land acquisition, and development of required infrastructure facilities.

Fuganto said that the coal output from PT Era will be allocated for power plants in Sumatra and also for the export market.

GEMS acquired PT Era in early August for US$37 million as part of strategy to increase coal reserves.

Fuganto said that GEMS will continue to seek for acquisition opportunities. ?We still see opportunities for acquisition. We?ll of course continue to expand our asset portfolio,? he said.

Editing by Reiner Simanjuntak