JAKARTA. PT Golden Energy Mines Tbk (GEMS) has reportedly allocated USD 33 million of capital expenditure for 2023. The company remains confident about this year's performance despite the constant decrease of coal price.

The allocated capex for this year, equal to IDR 508.2 billion (using currency rate of IDR 15,400 per USD), is higher compared to last year's budget of USD 25 million or equal to approximately IDR 385 billion.

Bonifasius, President Director of GEMS, claimed that this year, the company allocates the capex for port infrastructures, hauling road, and its supporting infrastructures. "The capex will also be utilised to support the company's operational performance," he added, as quoted by Kontan yesterday (13/3).

Although the coal price keeps declining, Bonifasius expressed his optimism while still putting global progress into consideration. "GEMS will try its best to secure an optimum performance," he stated. He believes that GEMS will keep the growing trend in its financial performance in 2022, especially following the production target that is set to rise 5% to 7% from the 2022 production realisation. (AM/ZH)