Day: February 22, 2024

Indonesia’s coal production target this year is set at 710 million tons, way below the realized output last year (767 million tons). Sinarmas Group’s coal miner Golden Energy Mines (GEMS), however, targets to produce 50 million tons of coal this year, up substantially from 40 million tons targeted for 2023.

Coal miner Indo Tambangraya Megah (ITMG), controlled by Banpu Pcl (Thailand), booked profit attributable to owners of US$500.3 million in 2023, declined 58.3% year on year (y/y), due to squeezed margins from substantial correction of coal prices.