State-owned mining company PT Bukit Asam Tbk (PTBA) is reviewing the acquisition of new coal mines. This was done as one of PTBA's strategies to improve performance.

PTBA President Director Arsal Ismail said PTBA continues to actively seek opportunities to acquire new mines that provide positive value for PTBA. Recently, several projects were tendered by the government and offered to PTBA.

"PTBA will certainly join the mines that provide positive value for PTBA," Arsal said in Jakarta on Friday (8/3/2024).

PTBA will follow and make acquisitions by looking at the economic feasibility of the mine itself. He also said PTBA would not add a new mine portfolio by acquiring low-calorie coal mines.

"We are also reviewing acquisitions for other private mines," he said.

Meanwhile, PTBA Corporate Secretary Niko Chandra said the company is making plans by looking at the latest market developments and anticipating various dynamic factors.

"In 2024, PTBA targets 41.3 million tons of coal production, 43.1 million tons of sales, and 33.7 million tons of transportation," said Niko in his official statement on Friday (8/3/2024).  

For the record, PTBA produced 41.9 million tons of coal in 2023, growing 13% compared to 37.1 million tons in 2022. This production achievement exceeded the target of 41 million tons set at the beginning of 2023.  

The increase in production was followed by an increase in coal sales volume to 37 million tons, up 17% compared to the previous year. PTBA also recorded export sales of 15.6 million tons, up 25% compared to 2022.  

Meanwhile, domestic sales were recorded at 21.4 million tons or grew 12% year-on-year (YoY).

Bukit Asam Director Farida Thamrin said PTBA's capex in 2024 was at a normal level of IDR 2.9 trillion. According to her, this capex will be budgeted for several things.

"First, we will budget capex this year for working logistics," Farida said in Jakarta on Friday (8/3/2024).

The reason is, she continued, that PTBA's coal reserves can be sold by increasing transportation capacity.

In addition, PTBA's capex will also be allocated for operational infrastructure needs and will be allocated to PTBA's subsidiaries.

Image source: JIBI/Annisa Kurniasari Saumi
Source: https://market.bisnis.com/read/20240311/192/1748211/ptba-buka-peluang-akuisisi-tambang