JAKARTA – PT Indo Tambangraya Megah Tbk (ITMG) announces positive result from the latest audit on its coal reserves and resources in several of its mines located in eastern Kalimantan.

According to the December 2023 data, ITMG recorded total coal reserves of 281 million ton and total resources of 1,313 million ton.

However, based on the latest data, including one of its newest mines, Tepian Indah Sukses (TIS), ITMG records total coal reserves increasing by 93 million ton to 375 million ton, while total resources increasing 817 million ton to 2,130 million ton.

Based on the presentation of ITMG management during Public Expose Live 2024 of ITMG today (28/8), the company recently began the operation of two newest mines, TIS and Graha Panca Karsa (GPK).

In 2024, ITMG is targeting coal production to hit approximately 19.5 to 20.2 million ton. Until June 2024, ITMG had managed to produce coals of 9.3 million ton or equal to 46% of production target for the year, with projection of extra 5.6 million ton in Q3 2024.

Not only production increase, ITMG also aims for coals sales growth to 24.9-25.6 million ton for 2024. As of June 2024, ITMG reported sales of 10.8 million ton, supported mainly by export to China (40%) and Japan (17%), followed by domestic sales (22%).

In terms of stagnant average selling price (ASP), according to the management projection, coals ASP for the second half of 2024 is projected to remain stable at approximately USD 125-50 per ton. (ZH)