PT Golden Eagle Energy (SMMT), a coal producer of the diversified Rajawali Corpora group, has set its coal output at 1.8 MnT this year, unchanged from its 2018 target, Kontan newspaper reported citing Charismasari Dewi Sudono, corporate secretary of the company as saying.
The company was still assessing the movement of coal rice in the global market. The price of the commodity has been on the declining trend over the past six months, Dewi Sudono said. Indonesia’s Mines and Energy Ministry set the benchmark coal price at USD 92.41/MT in January this year, slightly lower than USD 92.51/MT in December 2018, according to government data.
Golden Eagle is the latest Indonesian companies that set out its coal production target. Big coal producers like Bumi Resources, Adaro Energy set a single-digit growth increase in their coal production this year. Still such production target by Indonesian coal miners have yet to be approved by the government.
The company was scouting the market for a possible acquisition target to boost its coal output target, Kontan reported without providing any details.
The company sells the bulk of its coal to overseas market including Thailand, Vietnam, Hong Kong and India, the report said.
The company reported an increase in net profit to 10.1 Billion Indonesian Rupiah in the first nine months of 2018 from 7.8 billion Indonesian Rupiah in the corresponding period. While sales rose to 127.1 Billion Indonesian Rupiah in the period from 39.1 Billion Indonesian Rupiah in the previous year.
Golden Eagle is part of Rajawali Corporate, a group founded by Indonesian business Peter Sondakh.
Leave a Reply