Rimau to raise coal selling price next year

IDX-listed PT Rimau Multi Putra Pratama Tbk, which is primarily engaged in coal trading, plans to raise its coal selling price next year to capitalize on the current rise in the price of the commodity in the international market, Kontan reported on Monday.

The paper quoted Rimau Multi President Director Vinsensius as saying while international price has risen by about 80 percent, coal price at home has only increased by 5-10 percent as the company is still selling the commodity based on old price as set in the current contracts until end of this year. He said that the company must honor the existing contracts.

The paper said that the company was hoping for an opportunity to increase the coal selling price next year. The company?s customers at home include state-owned power firm PT PLN and cement companies.

Rimau Multi is part of the Rimau Group, which have two coal mining subsidiaries PT Rimau Energy Mineral (REM) and PT Senamas Energindo Mineral (SEM) in Barito Timur Regency, Central Kalimantan, which aim to produce a total of 2 million tons of coal this year. In the first-half of the year, production reached 1 million tons, this portal reported previously. (*)