Down from 2023, Samindo Resources (MYOH) Targets Coal Production of 5.4 Million

Jakarta,- Coal issuer owned by conglomerate Low Tuck Kwong, PT Samindo Resources Tbk (MYOH) targets coal production to reach 5.4 million tons this year.

This year's coal production target has decreased from last year's realization of 7 million tons.

MYOH Corporate Secretary, Ahmad Zaki Natsir said, during the first two months of 2024, MYOH's coal production managed to exceed the target set by the company.

This year's target was agreed by the client who has considerations in determining the production volume. For new contract targets, as a contractor, it always targets new contracts.

"As a mining contractor, of course we are always looking for new project opportunities. We hope that with stable coal prices there will be many new projects or will add to the target given to us," he told KONTAN, Friday (8/3).

For capital expenditure this year, Zaki said, final data on capital expenditure is still not available.

Furthermore, MYOH sees coal demand experiencing a surge to meet industrial and electricity needs in India and coal demand also comes from China which is currently experiencing extreme cold weather.

Zaki views that since the beginning of the year coal prices have tended to strengthen, in addition to demand from China, coal exports to countries in the Asian region such as Korea, Japan or the Philippines tend to strengthen and encourage the strengthening of coal prices.

Sources : Mar 10.24

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