Golden Energy preserves coal reserves amid weak market

By Tri Subhki R

IDX-listed coal firm PT Golden Energy Mines Tbk prefers to preserve coal reserves at one of its subsidiary company, PT Trisula Kencana Sakti (TKS), which operates mines located in North and Central Barito regencies, Central Kalimantan province, by suspending production amid the lingering coal downturn.

?We prefer preserving our coal reserves in TKS when the export market demand is declining. We hope the prices will gradually rise and if the prices recover sustainably in 2017 and beyond, we may consider resuming production in TKS,? Golden Energy?s President Director Fuganto Widjaja said recently.

Fuganto said that TKS is a proven-producing coal mining company and has experience in exporting coal. The company owns 11,455 hectares of mining permit (IUP) with 5,300 kcal/kg (GAR) calorific value coal with 23 percent total moisture and 2.2 total sulfur contents.

Editing by Reiner Simanjuntak