PTBA – Produced around 41.9 mn tons of coal in 2023

PTBA – Produced around 41.9 mn tons of coal in 2023 Bukit Asam (PTBA) produced around 41.9 mn tons of coal (+13% yoy) in 2023 and exceeded its own coal production target of 41 mn tons. The key contributors to PTBA' coal production were; a) 23.6 mn tons of coal or around 56% of its total coal production was from its mining services contractor Pamapersada Nusantara (PAMA), while its subsidiary, Satria Bahana Sarana (SBS) contributed around 7.5 mn tons. Moreover, the overall increase in its production was still aligned with the growth in coal sales which was up to 37 mn tons. Around 15.6 mn tons (+25% yoy) was from its export sales, while around 21.4 mn tons (+12% yoy) was from domestic sales. PTBA aims to maximize market potential domestically and explore export opportunities in countries with promising growth prospects. In 2023, PTBA diversified its export market like Vietnam, Philippines, Brunei Darussalam, and Bangladesh. Additionally, the company continues to execute strategic projects to support its performance, including the operational PLTU Mulut Tambang Sumsul and the ongoing development of coal transportation from Tanjung Enim to Keramasan, projecting a capacity increase to 20 mn tons per year. (Source: Kata Data) Comment: We are positive on the news. In 2024, we are optimist PTBA will increase it’s production level from the commercial production of Sumsel 8 power plant.