ITMG sees coal output to decline by 5.6%
Thursday, February 25 2016 - 02:06 AM WIB
IDX-listed coal mining company PT Indo Tambangraya Megah Tbk (ITMG) said it has set a lower coal production target for this year amid the lingering coal price drop.
The company said in a presentation material seen Thursday that coal output this year is targeted to decline by 5.6 percent to 26.9 million tons from 28.5 million tons.
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