ITMG Records Coal Reserves Rising To 375 Million Tons

Coal (photo: dock. intermediate)

JAKARTA - PT Indo Tambangraya Megah Tbk (ITMG) reported an increase in coal reserves.

ITMG President Director Mulianto said that some time ago his party conducted a backup audit and there was a significant increase compared to before.

In terms of reserves as of December 2023 compared to the end of December 2023, there was an increase of 30 percent.

"Yang data sebelumnya, reserve kita ada di angka 281 juta, sekarang meningkat sebesar 93 juta menjadi 375 juta ton," ujarnya dalam Public Expose, Rabu, 28 Agustus.

Meanwhile, in terms of resources, ITMG recorded an increase of 60 percent. Previous data showed that the recorded resources were 1.3 billion tons and increased by 800 million tons to 2.13 billion tons.

Meanwhile, in the first semester of 2024, ITMG produced coal of 9.3 million tons or grew 14 percent compared to the same period in 2023 of 8.2 million tons.

Meanwhile, sales volume was recorded at 10.8 million tons, an increase of 9 percent compared to the same period in the previous year period. ITMG also posted a net profit for the six-month period ending on June 30, 2024, amounting to 129 million US dollars and maintaining a healthy balance sheet with a strong cash position at 877 million US dollars.

"Seeing the achievements in the first half of 2024 and our commitment to efficient and sustainable operations, we are optimistic that we can achieve the production target of 2024 of 19.5-20.2 million tons from the 6 mines that we currently operate as value contributors for stakeholders," explained Mulianto.

Furthermore, the ability to conduct good coal blending also provides benefits for ITMG, namely flexibility to meet coal demand from various countries and the optimal selling value of products.

In terms of sales, China is still the main market for ITMG which is followed by domestic consumers with a fairly large proportion.

"Looking ahead, ITMG is optimistic about the prospect of a fixed high demand for coal in the second half of 2024, supported by strong demand from China and India," he concluded.