INDONESIA: PT Samindo Resources (MYOH IDX), a mid-size Indonesian coal producer, is weighing on a possible coal concession area as part of the company’s long term plan to boost coal production, Kontan reported citing Ahmad Zaki, investor relations official of the company.
The company was conducting a feasibility study now, the newspaper reported without providing further details on the location of the concession area.
The company has about USD 100 Million to finance the acquisition plan, which is one of its long-term business plans.
Samindo had highlighted that it expects to produce 10.8 MnT of coal this year, almost unchanged from last year’s production target.
The company reported a 7.8% Y-o-Y increase in revenue to USD 188.9 Million during the first nine months of CY19, while its net profit declined 13.16% to USD 18.67 Million in the period.
Samindo’s coal mining sites are mainly located in the resource rich Kalimantan Island.
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