First Quarter Of 2024, PTBA's Total Coal Production Reaches 7.3 Million Tons

JAKARTA - PT Bukit Asam Tbk (PTBA) recorded that total coal production in the first quarter of 2024 reached 7.3 million tons, or grew 7 percent compared to the same period in 2023 of 6.8 million tons.

Bukit Asam Corporate Secretary Niko Chandra said the increase in production was in line with the increase in coal sales volume by 10 percent to 9.7 million tons.

"In the first quarter of 2024, the Company recorded PTBA's export sales of 3.8 million tons, an increase of 4 percent compared to the same period the previous year," he explained in his statement, Wednesday, May 1.

Although he did not specify, Niko said there was an increase in exports to a number of countries, including India, South Korea, Thailand, Vietnam, and Malaysia.

Niko said that in the first quarter of 2024, the realization of the Domestic Market Obligation (DMO) was recorded at 5.9 million tons or grew 14 percent on an annual basis.

According to Niko, the realization of coal transportation through the railway line in January-March 2024 reached 8.4 million tons, an increase of 9 percent compared to the same period last year.

"Although it was affected by the collapse of the girder in the Bentaian flyover construction project last March, coal transportation through the railway line can still reach the target," he explained.

Niko conveyed the challenge for the Company this year, including coal price corrections and market fluctuations. Meanwhile, the average ICI-3 coal price index is corrected by around 21 percent on an annual basis from 100.44 US dollars per ton in January-March 2023 to 78.9 US dollars per ton.

Meanwhile, Newcastle's average coal price index is corrected by 49 percent on an annual basis to 125.76 US dollars per ton.

Niko said, PTBA continues to strive to maximize market potential in the country as well as export opportunities to maintain good performance.

"The company also consistently prioritizes cost leadership in every line of companies, so that the implementation of sustainable efficiency can be carried out optimally," he said.

In addition, Niko conveyed that the Company hopes that the formation of a Management Agency Partner (MIP) can be realized soon and have a good impact on PTBA's financial performance.

Meanwhile, Niko said the Company was planning by observing the latest market developments and anticipating various dynamic factors.

"By 2024, PTBA is targeting coal production of 41.3 million tons, sales of 43.1 million tons, and transportation of 33.7 million tons," he explained.