Indonesia's coal miner PT Harum Energy Tbk, controlled by Indonesian tycoon Kiki Barki, is eyeing 7.4 million tons of coal production in 2010, a 27.58% higher than 5.78 million tons of coal production last year.
The target is expected from PT Mahakam Sumber Jaya of 5.2 million tons and PT Santan Batubara of 2.2 million tons.
In 2009, Harum Energy's subsidiary PT Mahakam Sumber Jaya (MSJ) produced 4.53 million tons and PT Santan Batubara (SB) produced 1.25 million tons.
In MSJ, Harum Energy controls 80% stakes and 50% stakes in Santan Batubara. PT Indika Energy, through its wholly owned subsidiary PT Petrosea Tbk (PTRO) owns the remaining stakes.
In the first quarter of 2010, Harum Energy produced 1.72 million tons of coal. MSJ produced 1.09 million tons and SB produced 0.64 million tons.
Referring to the 7.4 million tons of coal production target, Harum Energy should produce 5.68 million tons of coal during three respective quarters in 2010. In 2011, Harum Energy plans to jack up its coal production to 10 million tons and 13 million tons in 2012.
Disclosure: No position at the stock mentioned above.
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