GEMS projected coal production of 37 million MT in 2021

PT Golden Energy Mines Tbk (GEMS) projected coal production in 2021 to be 37 million metric tons (MT). This was conveyed by Bonifasius, President Director of GEMS in the report on public expose results published on Thursday (17/12).

He said that the production target in 2021 was higher than in the end of 2020s target of 32 million MT. They are optimistic that it will be achieved like in 2020 despite facing a pandemic. “In the midst of pandemic, our company proves good performance in 2020,” said Bonifasius.

By the end of this year, he added, the company would spend US$ 9 million to US$ 10 million capex, which would be allocated for the mine infrastructure, included port facilities and hauling roads.

According to Bonifasius, coal prices and demand would improve at the start of 2021s first quarter, when the price in NEWC index had reached US$ 82 per ton. “Four-season countries have entered winter, so the energy needs are increasing but the stock levels are low. Thus, coal prices will increase,” he said.