ICR cuts production target on sluggish market
Wednesday, October 15 2014 - 10:36 AM WIB
PT Indonesia Coal Resources (PT ICR), a wholly owned subsidiary of PT Antam Tbk, is eyeing a realistic target of its output from its concession in Sarolangun, Jambi Province amid the bearish coal market currently.
Bachtiar Magalatung, President Director of ICR told Petromindo.com that the company is expecting only 650,000 tons output from the initial target of 1 million tons this year.
Bachtiar revealed that currently the company is only taking a margin about US$ 1.5. Per ton.
He complained that several Indian-owned coal mining companies in Jambi which sell the coal under HBA (coal price reference) to India. "I think the government should take an action for banning this kind of transaction, because it really kills other coal mining companies in Jambi," he said.
Editing by Alexander Ginting