TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Adaro records coal output up 17% yoy in second quarter
Coal miner Adaro seems to be on course to achieve full-year output of up to 60 million tons as it had initially targeted, thanks to record heat waves and surging demand following eased pandemic restrictions.
Change Size
A brightly painted chimney stands above a 2x100-megawatt coal-fired power plant in Tanjung, Tabalong, South Kalimantan, in this undated photograph. The coal plant was built by Tanjung Power Indonesia, a consortium formed of Indonesian coal miner Adaro Energy and East-West Power Indonesia, the local unit of the South Korean electricity firm. (Antara/Hafidz Mubarak A.)
P
T Adaro Energy has announced a 17 percent annual increase in coal production to 15.9 million tons in the second quarter, which has allowed the publicly listed coal miner to increase sales 16 percent to 15.3 million tons.
Following the publication of its latest financial report, Adaro is maintaining its full-year production target of between 58 million tons and 60 million tons.
The company expects weather conditions and heavy equipment availability to improve in the second half, according to the report filed with the Indonesia Stock Exchange (IDX) on Tuesday.
Adaro’s total coal production and sales volume in the first six months had respectively increased 6 percent to 28.01 million tons and 27.49 million tons and 7 percent from the corresponding period last year.
“Demand for Adaro’s thermal and metallurgical coal remains high,” said Adaro investor relations head Bret Ginesky in the statement, and that the company was still targeting domestic market sales to contribute between 25 percent and 27 percent to overall sales.
East Asian countries, including China, accounted for the largest share of Adaro’s sales in the first half of the year at 37 percent, while the domestic and Southeast Asian markets each contributed 23 percent. Meanwhile, sales to India increased to 15 percent in line with rising demand for both metallurgical and thermal coal.
India's annual power demand is growing at its fastest rate in nearly 40 years, while global coal prices are trading at near-record levels.
