ITMG – Aims to produce 1 mn tons from GPK in 2024

ITMG – Aims to produce 1 mn tons from GPK in 2024 Indo Tambangraya Megah (ITMG) faces ongoing challenges from the global coal market prices and economic fluctuations in China. While recent coal prices in ICE Futures have recently shown an increase, the coal price remain lower than in early 2023, currently standing at USD295 per ton. To offset the low coal price, ITMG will push its coal production as it sees a potential production growth from the Graha Panca Karsa (GPK) mine, which could produce a 1 mn tons of low-sulfur coal in 2024. Additionally, ITMG diversifies its portfolio through the acquisition of a majority stake in Suryanesia, a Solar-as-a-Service company. Although with a robust 15.22% yoy higher production in 3Q23, ITMG' revenue was still down by 50% yoy. Note that, ITMG reported revenue of USD1,826.66 mn (-30% yoy) and a net profit of USD405.83 mn (-55% yoy) in 9M23. (Source: Kontan)