PT Triaryani Makes History with the First Coal Export Shipment from Its Mine.

PT Golden Eagle Energy Tbk (“the Company“) concludes the year 2023 with a significant achievement, marking the successful inaugural coal export from PT Triaryani’s coal mine in North Musi Rawas Regency, South Sumatra Province. PT Triaryani holds the Mining Business License for Production Operations (IUP OP) for coal commodities as a subsidiary, boasting a coal reserve of 275 million MT characterized by low sulfur and ash content.

On December 23, 2023, PT Triaryani completed its first export sale of 55,000 MT to Trafigura Asia Trading Pte Ltd, with a transaction value of approximately USD 3.2 million or equivalent to USD 58.98 per MT. This selling price represents a premium over the Coal Index (ICI) 4,200 GAR as of December 15, 2023, which stood at USD 58.05 per MT.

The loading of coal for this inaugural export was also accomplished ahead of schedule and in a timeframe faster than the typical coal loading duration in the South Sumatra region. With a coal qualification of 4,100 GAR, 5% ash, and 0.3% sulfur, PT Triaryani’s coal is among the cleanest thermal coals available in the market.

This achievement affirms that PT Triaryani’s coal is not only accepted in the domestic market but has also gained recognition internationally. The management is actively working to expand PT Triaryani’s coal sales to a broader market and is currently in negotiations with several potential coal buyers interested in entering long-term contracts or agreements for the mine’s entire lifespan.

Following the controlling share acquisition by PT Geo Energy Investama, the Company is optimistic about its future business development. PT Geo Energy Investama is a subsidiary of Geo Energy Resources Limited, listed on the Singapore Stock Exchange since 2012, and has a strong presence in coal mining, operating four concessions in South Kalimantan and East Kalimantan with a production achievement of up to 10 million MT per year.


A brief overview of PT Golden Eagle Energy Tbk (SMMT)

The company operates in the coal mining sector with activities covering services, trade, construction, industry, and transportation. Currently, the Company owns two commercially operational coal mines in South Sumatra and East Kalimantan through its subsidiaries and associates.

Related Posts