Miners in Indonesia continued to report lower earnings on the year in January-September, extending this year’s trend weighed down by weaker coal prices. Publicly listed miners, Indo Tambangraya Megah (ITMG), Geo Energy and Golden Energy and Resources (GEAR) reported lower profitability despite higher coal sales volumes and lower costs. ITMG recorded revenue of $1.30bn for January-September, down 8% from $1.41bn in the corresponding period of 2018. Its coal sales volume rose 17% on the year to 18.7 mt in January- September compared with 16.0 mt. Production costs fell marginally on the year to $49.30/t in compared with $49.90/t. ITMG suffered a 21% drop in Average Selling Price (ASP) in the first nine months of 2019, amounting to $66.30/t, compared with $84.20/t in the corresponding period of 2018.
展开▼
