Harum reports increased Q1 production
Hopes to start production from two mines in 2018
Friday, May 19 2017 - 01:00 AM WIB
Petromindo|Boim
IDX-listed coal mining firm PT Harum Energy Tbk reported that its first quarter 2017 production reached 1.2 million tonnes, higher than last year?s corresponding quarter production of 700,000 tonnes.
Average selling price during the first quarter of 2017 was US$61.2 per tonne, increased by 11.2% compared to $55.4 per tonne in the fourth quarter of 2016.
According to the presentation filed with the IDX on Thursday, most of coal production was sold to South Korea, Malaysia and India during the quarter.
Harum is targeting production of 4-4.5 million tonnes this year.
Harum has four mines but currently production comes entirely from its Mahakam Sumber Jaya mine.
The company said that it has undertaken works to enable its Santan Batubara mine to resume production and its Karya Utama Pertiwi to start production in 2018 should market condition is favorable. Santan Batubara production was suspended several years ago due to worsening coal price.
The fourth mine Tambang Batubara Harum is not yet in production.
All of Harum?s mines are located in East Kalimantan within the radius of 70 kms.