Golden Energy hopes to increase coal sales by 25%

By Thomas Sembiring

IDX-listed coal mining firm PT Golden Energy Mines Tbk hopes to increase sales volume next year by 25 percent following the recovery in the price of the commodity.

This was said by the company?s newly-appointed President Director Bonifasius recently. He, however, said that the sales volume target will depend on the volume of coal output target to be approved by the government next year. Bonafisius will effectively become the new president of Golden Energy Mines starting January 2017, replacing Fuganto Widjaja.

Bonafisius said that the company next year will have a ?better balance? of coal sales, taking advantage of expanding domestic market. The company?s coal markets currently are dominated by China and India.

He said that coal price next year is expected to be around US$75 per ton level.

Meanwhile, Fuganto said that Golden Energy Mines has already started expanding its export markets to Spain, the Philippines, South Korea and Vietnam, although export volume to the new markets are still limited.

Golden Energy Mines has set a production volume target of 10 million tons for this year. In the first nine months of this year, output has reached 7.5 million tons.

Editing by Reiner Simanjuntak