JAKARTA. PT Golden Eagle Energy Tbk desperate to become the majority shareholder on Tabalong coal mining concession in South Kalimantan. In order to realize the intentions, they will acquire a 25% stake in PT Tabalong Prima Resources, who is also the owner of the concession in Tabalong.
The acquisition of 25% shares will complete the acquisition on Tabalong previously completed in June 2015. “We have had 34%, with an additional 25% we had a majority there,” explained Roza Permana, the President Director of Golden Eagle Energy Tbk to KONTAN Tuesday (7/6).
For information, Tabalong mining concessions have total coal resources 292 million tons. While its coal reserves amounted to 109 million tons. Golden Eagle expects Tabalong can start production in mid 2017.
To increase the assertiveness of the coal business in Tabalong, Golden Eagle will acquire PT Mitra Hasrat, the logistics company in Tabalong. “There already has a coal terminal with a jetty and conveyor, so we do not have to construct the port anymore,” revealed Roza.
The two plans in Tabalong put Kalimantan to be the Company’s focus on business development this year. Golden Eagle allocates a capital expenditure of US $ 27 million on the project in Borneo Island.
On the other hand, in Sumatra, Golden Eagle will only focus on improving the coal logistic infrastructure. For comparison, mining operations in Kalimantan produced 686,000 tons of coal in 2015 while coal mining operations in Sumatra produced 80,000 tons of coal last year.
This year, Golden Eagle is targeting total coal production volume of 1 million – 1.2 million tons. SMMT coded company in the Indonesia Stock Exchange was optimistic, the market coal from Sumatra will climb as the need for coal for power generation. They estimated 50% of Sumatra coals are consumed by the power plants.
While pursuing the target, Golden Eagle will attempt to resolve the difficulties overlooked by the business. “Our main problem was logistics, we are going to rewire this year and ensure increasing capacity,” please Roza.