ITMG – Better performance on higher coal prices

ITMG – Better performance on higher coal prices Indo Tambangraya Megah (ITMG) expects to have a better performance in 2H24 due to higher coal prices with the weather that would be more supportive for coal production. ITMG expects around 19.5-20.2 mn tons of coal production in 2024, with 5.6 mn tons (+30% qoq) of coal in 3Q24. Moreover, ITMG already stopped its operations in the Jorong mine, in order to open a new mine at Tepian Indah Sukses (TIS), which is located in Kalimantan and has a coal reserves and resources of around 3 mn tons and 11 mn tons, respectively. The TIS mine has started to contribute revenue since 2Q24 with a coal production of 0.03 mn tons. ITMG hoped that the shift in production will contribute to the increase in ASP. However, it is estimated that ITMG's performance this year is still lower than last year's performance. (Source : Kontan)