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GEMS prepares capex of US$ 33 million

28 June 2019 17:55

JAKARTA - PT Golden Energy Mines Tbk (GEMS) has prepared capital expenditure (capex) of US$ 33 million for 2019. This figure has increased significantly compared to the capex allocation in 2018 of US$ 19.8 million. For information, 70%-80% of capex funds in 2019 come from bank loans.

By the end of the first quarter of this year, GEMS capex absorption had reached US$ 6 million. Whereas in the same period last year, capex absorption was only US$ 2.3 million. 

Thus, GEMS still has a remaining capex of US$ 27 million until the end of 2019. "The allocation of the remaining capex will focus on the road, because it is 22 kilometers long. Last year we only finished 1-2 kilometers. Then we will add a crushing facility to support operations," said Bonifasius, Director of GEMS at the public expose. 

In his presentation, Bonifasius presented 3 multi-years infrastructure projects being worked on by the company. The first project is to improve the quality of hauling roads to support increased mining volume and operational security. The second project is to increase the crusher plant to increase coal capacity in the stockpile and the last is to increase the barge loading conveyor capacity. (LM)

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