Indonesia: Bumi Resources on track to achieve 78-80 mnt coal production target for 2024

SXCoal: Indonesia's leading miner, PT Bumi Resources Tbk, remains steadfast in its coal production guidance for 2024, aiming for a substantial 78-80 mnt.

According to company executives, this ambitious target is well within reach. "The company is on track to achieve this target as of the first semester this year," stated Dileep Srivastava, director and corporate secretary. Although exact figures for the first quarter of 2024 are not available, Srivastava indicated production is close to pro-rata.

Despite the strong production outlook, BUMI recorded a revenue of $311.01 million (IDR 5.05 trillion) until the first quarter of 2024, marking a 31.62% decline compared to the same period last year. The revenue was contributed by coal exports amounting to $206.7 million, local coal sales of $83.9 million, and local gold sales of $20.3 million.

Andrew C. Beckham, another director at BUMI, reaffirmed that there have been no revisions to the company's coal production target for the year. Beckham expressed optimism that these targets would lead to improved revenue and net profit compared to the previous year.

Bumi Resources is poised to meet its coal production goals for 2024, with steady progress reported in the first half of the year. Despite a dip in revenue, the company has managed to boost its net profit significantly, showcasing resilience and strategic financial management.

Note: This article has been written in accordance with an article exchange agreement between SXCoal and BigMint.