ITMG Q1 coal output falls by 17%
Monday, February 29 2016 - 01:34 AM WIB
IDX-listed coal mining company PT Indo Tambangraya Megah Tbk (ITMG) said that coal production in the first quarter of this year (Q1) fell by 17.3 percent to 5.7 million tons compared to 6.9 million tons in the corresponding period of last year.
This was revealed by the company in a statement last week.
ITMG has set a lower coal production target of 26.9 million tons this year from 28.2 million tons last year amid the lingering coal market downturn, and one of its concessions will stop production due to depleting reserves.
The company, however, said that sales volume this year is estimated to slightly increase to 28.5 million tons from 28.2 million tons last year.
Of the total 2016 sales volume target, about 66 percent has been contracted, while the remainder 34 percent is uncontracted.
ITMG has five producing coal concessions in Kalimantan operated by subsidiaries PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Bharinto Ekatama, PT Kitadin (Embalut and Tandung Mayang) and PT Jorong Barutama Greston. The company has said that the Tandung Mayang mine will be closed down this year due to depleting reserves.
Editing by Reiner Simanjuntak