PT Golden Energy Mines Tbk, a coal trading company in the Sinar Mas group, has targeted US$10 million-$12 million for capital expenditure in 2014. The capex will be obtained from the remaining funds of an initial public offering on the Indonesia Stock Exchange in November 2011, which netted US$243.63 million.
Golden Energy Mines director Kumar Krishnan says almost 100% of the capex will be allocated for harbour expansion and infrastructure development at two mining sites.
Through its subsidiary PT Borneo Indobara, the company is completing expansion of Bunati harbour, Tanah Bumbu Regency, South Kalimantan, which includes a newline conveyor to boost annual capacity from 4 million to 12 million tonnes. It is also completing a telescopic chute project at Bunati.
The company, through its subsidiary PT Tanjung Belit Bara Utama, is also building Nilau harbour and new road in Teluk Nilau village, West Tanjung Jabung Regency, Jambi.