JAKARTA – PT United Tractors Tbk (UNTR), an issuer engaged in the mining industry, reasserts its intention to no longer expand its coal mining business and instead direct its focus on diversification to mineral mining and investment in new and renewable energy (NRE).

Confirmed by Sara K. Loebis, Corporate Secretary of UNTR, when met at Astra Media Day 2024 today (18/9), UNTR is said to no longer work on its coal mining and coal-fuelled power plants, aligning with sustainability aspiration promoted by Astra Group.

“Where are we going to expand? To other minerals; gold, produced by Agincourt and Sumbawa Jutaraya, and nickel from Stargate and our participation in Nickel Industries,” added Loebis.

For 2024, UNTR even projects gold sales volume increase to 235 thousand ounces, or soaring 34% year-on-year (yoy) from the realisation in 2023. “In addition to Agincourt’s gold, as we have already gained more gold contribution from Sumbawa Jutaraya, there will be quite a notable increase,” claimed Loebis.

Furthermore, Loebis said that business portfolio that will be worked by UNTR in the future will include renewable energy. “We have mini-hydro [power plant] business, solar PV installation, and participation in geothermal,” she said.

However, despite the slippage in coal prices after skyrocketing in 2021-2022, UNTR still plans to boost its operational performance in 2024.

The company sets coal production to increase 12% yoy to 144 million ton, with coal sales volume up 9% yoy to 12.9 million ton, and overburden removal target up 3% yoy to nearly 1.2 billion ton. (ZH)