JAKARTA - PT Bukit Asam Tbk (PTBA) announced the temporary suspension of non-oil and gas mining activities for the next six months, or until September 2020.
Hadis Surya Palapa, Corporate Secretary of PTBA, said the company would not carry out exploration activities outside the areas in which the company has the permit to do so.
In 2019, the company recorded Rp 4.1 trillion in net profit last year, 19.60% lower than its record in 2018 of Rp 5.02 trillion. The decline was mainly caused by weakening coal prices. Newcastle Index coal (GAR 6322 kcal/kg) dropped by 28% from USD 107,.34/tonne (2018) to USD 77.77/tonne (2019) and Thermal Indonesian coal (GAR 5000) dropped by 17% from USD 60.35/tonne (2018) to USD 50.39/tonne (2019). (ARM/AR)