JAKARTA. PT Golden Energy Mines Tbk (GEMS), a coal mining company under Sinarmas Group, has realised up to 60% of its capital expenditure (capex) until the first half of 2023.

Bonifasius, President Director of GEMS, said that this year, the amount of capex budgeted by the company ranges from USD 17 to 18 million. “Capex is mostly channelled to infrastructure and supporting facilities for the smooth running of our logistics in ports,” he explained.

With the amount of realised capital expenditure, the coal production volume of GEMS has reached 30 million tons at the end of Q3 2023, which have already surpassed half of the coal production target of 2023 of 40 million tons.

Meanwhile, GEMS’s revenue this year is targeted to reach USD 3 billion or equal to IDR 46.9 trillion. “The revenue projection is close to USD 3 billion,” confirmed Bonifasius.

On the other hand, coal price is estimated to increase in Q3 2023. Some of the supporting factors, Bonifasius said, include the incoming winter in four-season countries nearing the end of the year. (KR/ZH)