Indonesia's Golden Energy Mines lowers output target

摘要

Indonesian coal mining company Golden Energy Mines (GEMS) has set a lower production target for this year despite raising coal output significantly in 2019. The company produced 30.8mn t in 2019, a 36pc increase from a year earlier, and higher than its 2019 production target of 29mn t. Exports typically make up around twothirds of the company’s total coal sales, with China and India being its main markets. GEMS has trimmed its production target for 2020 to 27mn t — reversing its original plan to increase output to 35mn t. The move to reduce its coal output target was motivated by projections that prices will remain weak in the seaborne market, and by an Indonesian ministry of energy and mineral resources (ESDM) announcement that it would limit coal output this year, the company said in an interview with Argus.