Golden Eagle aims for 20% sales growth next year

21 December 2022 07:23

JAKARTA &ndash PT Golden Eagle Energy Tbk (SMMT) sets the coal sales growth target to 15%-20% in 2023. By the end of this year, the company expects sales to reach IDR 951,65 billion.

Roza Permana Putra, President Director of Golden Eagle Energy, believed that the prospect of coal prices will remain promising next year. " The company will also gradually increase the shipping ratio (SR) so that the long-term mining can be sustained, while being able to open up new pits," he said in the public expose treatise quoted Wednesday (21/12).

According to Putra, the new specifications of coals produced by SMMT will adopt the price according to Indonesia Coal Index (ICI) 4 and ICI 3. As of November 2022, ICI 4 set the price to USD 88.41 per ton, while ICI 3 set the price to USD 125.99 per ton.

As of September 2022, the volume of coals produced by SMMT clocked up to 2.44 million tons, expecting 3.25 million tons of coals by the end of this year. In the meantime, until September 2022, the volume of coals sold reached 2.25 million tons, aiming for 3 million tons of coals sold at the end of 2022.

On top of this, the company will allocate IDR 25 billion to its capital expenditure budget in 2023. It will be taken out of its internal cash supply. " The amount of allocated capital expenditure does not exceed the operational expenditure as the coal production and hauling will be mostly led by mining contractors," Putra explained. (KR/ZH)