Indonesia’s PT Harum Energy (HRUM), a mid size coal producer, expects to produce 1 MnT of coal in the first quarter of CY19 (Jan’19-Mar’19), which is equal to around 20% of the company’s total coal production target this year, Kontan reported citing Ray Antonio Gunara, president director of the company.
The company has set target to produce 5 MnT coal in CY19, as per report.
Coal output target was a tad higher than its previous year’s total production of 4.6 MnT recorded in CY18.
The company was still assessing new export avenues.
Harum Energy generally produces coal with calorific value of 5,500 kcal/kg and has been selling its coal to South Korea, Taiwan and Malaysia and China.
The company expects the price of high calorific value coal would increase and stabilise, which in turn, would help to gain more revenue. At present, the price of the company’s coal hovers at around USD 60-65/MT.
Harum Energy’s revenue is estimated in between USD 300-350 Million for CY19. The company has set aside as much as USD 8 Million in capital expenditure this year, with all the sum coming from company’s internal funds.
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