JAKARTA. In September 2020, PT Indo Tambang Raya Megah (ITMG) spent Rp 1.54 billion for exploration activities, which were carried out by its subsidiaries in East Kalimantan.
ITMG's management explained that the company's subsidiaries (PT Trubaindo Coal Mining and PT Indominco Mandiri) had conducted drilling at the company's mining sites. "The focus is prioritized on pre-production and development drilling activities with open hole drilling and coring methods," said ITMG's management in a disclosure published on the Indonesia Stock Exchange's website today.
In detail,Trubaindo spent Rp 851.82 million, while Indominco spent Rp 692.05 million.
For information, ITMG's cash and cash equivalents were recorded at US$ 287.34 million at the end of the first semester of 2020. The company, whose shares are controlled by Banpu Minerals from Singapore, booked a revenue of US$ 829.7 million with a net profit of US$ 70.82 million during the first semester of 2020. (KR/AR)