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Adaro sets moderate 2024 sales target for coal
Indonesia’s second-biggest coal miner projects a mere 1.9 percent increase in sales this year amid a global supply glut for the commodity.
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Two workers walk on Jan. 4, 2022 past a coal barge at a coal terminal in Palembang, South Sumatra. (Reuters)
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T Adaro Energy, Indonesia’s second-biggest coal miner, anticipates only a 1.9 percent increase in sales this year to between 65 million and 67 million tonnes due to limited global demand amid ample supply.
Adaro president director Garibaldi “Boy” Thohir said the miner was slated to begin construction on an aluminum smelter and a hydropower plant, both located in North Kalimantan.
“We are pleased to have surpassed our FY23 [fiscal year 2023] targets, with strong production volumes and operational efficiency driving the Adaro Group forward,” Boy said in a statement issued on Friday.
He also highlighted the Adaro’s successful diversification into metallurgical coal, which accounted for 17 percent of its revenue last year.
Adaro produced 65.88 million tonnes of coal and sold 65.71 million tonnes in 2023, a year-on-year increase of 5 percent and 7 percent, respectively.
In thermal coal sales, 74 percent was exported while the remaining 26 percent was sold domestically.
Southeast Asia and China were Adaro’s biggest export markets and accounted for respectively 24 percent and 20 percent of its total sales last year, followed by Northeast Asia and India.
