Jan 13, 2012

Golden Mines to supply 4 mio tons

Coal miner under Sinarmas Group PT Golden Energy Mines Tbk (GEMS), a subsidiary of PT Dian Swastatika Sentosa Tbk (DSSA), has secured a contract to supply 4 million tons of coal to buyers this year.
President Director Fuganto Widjaja, son of Indra Widjaja, as quoted by Kontan today, said GMR Infrastructure India has committed to buy 1 million tons of Golden Mines's output. GMR Infrastructure is a holding company of GMR Infrastructure Investment that has owned a 18% stake in Golden Mines.
Another 2 million tons contract has been secured by Golden Mines from Chinese buyers and the remaining output will be taken by several commodity traders.
Golden Mines has set a coal production target this year to 10 million tons, a 81.8% jump from 5.5 million tons last year.
The miner expects to post a Rp5.6 trillion sales this year, a 64.71% growth from Rp3.4 trillion last year. Net profit is set at Rp892 billion, a 85.06% surge from Rp482 billion last year. Golden Mines plans to spend US$150 million capital expenditure in a bid to boost coal production.

Disclosure: No position at the stock mentioned above.

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