Industry veterans to lead Golden Energy Mines

SGX-listed coal mining and trading company Golden Energy and Resources Limited (GEAR) announced the appointment of industry veterans, Bonifasius and Utoro, respectively as President Director and Director, of GEAR?s 66.9998 percent- owned subsidiary IDX-listed coal firm PT Golden Energy Mines Tbk (GEMS) with effect from January 1, 2017.

GEAR said in a statement on Friday the leadership appointments are in line with GEMS? expansion plans as it seeks to deepen its wealth of expertise in preparation for its next phase of growth.

The statement said Bonifasius has over 20 years of management experience in helming the operations of large mining and resource corporations, having served as Chief Operating Officer of PT Baturona Adimulya and President Director of PT Daya Sakti Unggul Corporindo.

Both PT Baturona Adimulya and PT Daya Sakti Unggul Corporindo are members of Bina Surya Group Corporation. He currently heads the Forestry Business at GEAR and sits on the Board of Directors and/or Board of Commissioners of several subsidiaries of GEAR, such as Anrof Singapore Ltd, Shinning Spring Resources Ltd, Pacificwood Investment Ltd and PT Hutan Rindang Banua.

GEAR said Bonifasius will succeed Fuganto Widjaja to lead GEMS in the next phase of its business expansion as it seeks to increase its reserve bank via value accretive acquisitions of coal mines in Indonesia as well as the region.

Utoro brings with him over 30 years of experience in the mining industry. He was formerly Chief Operating Officer of coal giant PT Kaltim Prima Coal (KPC), where he led the entire KPC operations group of over 21,000 employees in scaling up its operations and raising KPC?s coal production level from 2 million to an excess of 60 million tons per annum.

In his new role, Utoro will succeed Dwi Prasetyo Suseno to help drive the expansion of GEMS? operations as it seeks to raise its production to meet the growing demand for coal domestically and regionally.

Fuganto and Dwi Prasetyo will remain as Chief Executive Officer and Deputy Chief Executive Officer of GEAR, respectively.

Editing by Reiner Simanjuntak