Tag: GEAR

Those Continue to Grow: Sinarmas Coal

Pretty much as predicted, Sinarmas Group has become third largest coal player in Indonesia behind Bumi Resources/Bakrie and Adaro Group at the moment. In the first half of 2018, Golden Energy Resources (GEAR) Ltd, parent of PT Golden Energy Mines Tbk (GEMS), produced 9.1 million tons of coal, jumped 51% from the corresponding period last year.

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Sinarmas’ Golden Energy vs Geo Energy in Q1

Sinarmas Group is on its way to become third largest coal producer in Indonesia behind Bakrie Group (Bumi Resources) and Adaro Group. The group’s subsidiary Golden Energy and Resources Ltd, listed on SGX, produced 4.7 million tons of coal in the first quarter, on track to produce over 20 million tons this year.

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Mining Giant Sinarmas: Results & Outlook

SGX-listed Golden Energy Resources Ltd (GEAR), controlled by Sinarmas Group, booked net profit of US$62.95 million last year, skyrocketed 186% from 2016, thanks to stronger price of thermal coal. Combined with its ownership in Berau Coal Energy (BRAU), Sinarmas Group is currently third largest coal producer in Indonesia behind Bumi Resources (BUMI) and Adaro Energy (ADRO), and ahead of Indika Energy (INDY).

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Coal Journal

Coal miners gained this morning as sentiment is positive in line with the current improvement on coal shares. At 11.28 am Jakarta time, state-owned coal miner Bukit Asam jumped 3.29%, Adaro Energy gained 1.38%, Dharma Henwa increased 2%, and giant coal miner Bumi Resources gained 0.7%.

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Coal Journal

Coal price is now increasing though it’s not certainly leading to US$100 per ton as what happened last year. Indonesian Energy & Mineral Resources Ministry (ESDM) set the coal price reference at US$94.80 per ton for November, a 0.86% rise compared to US$93.33 for October. Some factors supporting coal prices in the global market include the growing demand in the winter season and the suspension of operations of coal miners in China.

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