ITMG to increase coal sales to 31.9m tons

IDX-listed coal mining firm PT Indo Tambangraya Megah (ITMG) Tbk, a local unit of Thailand?s conglomerate Banpu Pcl, plans to increase coal sales volume next year by 10 percent to 31.9 million tons from the estimated 29 million tons this year.

The company also aims to increase production by 10 percent in 2014 from the expected 29 million tons for this year.

The company was quoted by Kontan daily as saying Wednesday that it aims to continue to search for new overseas markets to help realize the coal sales target including export to the US.

ITMG has been expanding into new markets recently, having managed to sell coal to Hawaii and Switzerland, which per September of this year, contributed sales of US$40.16 million and $1.33 million, respectively.

ITMG?s main export markets are East Asia (China, Taiwan, Hong Kong and South Korea), Japan, and Southeast Asia, which as of end of September of this year, contributed sales of $668.87 million, $306.66 million, and 282.82 million, respectively. (*)