Golden Energy seeks to increase sales in ASEAN, domestic markets

IDX-listed coal mining firm PT Golden Energy Mines Tbk is seeking to expand its export markets in Southeast Asia and to increase sales in the domestic market as part of strategy to compensate for weaker demand in key markets of China and India, Kontan reported on Saturday.

The paper quoted Golden Energy Corporate Secretary Sudin Sudirman as saying that the company will expand its export markets in the entire ASEAN countries including Vietnam, Cambodia and the Philippines.

Coal output for the export market comes from subsidiary PT Borneo Indobara, which operates mines in South Kalimantan. This year, the company is targeted to produce 6.5 million tons of coal.

Meanwhile, for the domestic market, the coal will come from another subsidiary PT Kuansing Inti Makmur, which operates mines in Jambi. The company is targeted to produce 2.2 million tons of coal this year.

Sudin said that Golden Energy, which has allocated US$15 million in capital expenditure this year, plans to acquire new coal assets, but declined to provide further details. (*)