ADRO – A flattish growth yoy in 2024' thermal coal production

ADRO – A flattish growth yoy in 2024' thermal coal production Adaro Energy Indonesia (ADRO) anticipates a flattish growth yoy in 2024' thermal coal production as the production is just to maintain their coal reserves and to supply to the power plants. Currently, ADRO is still waiting for government's approval on its RKAB. ADRO targets to increase its coking coal production to 6 mn tons (vs. 4.3 mn tons in 2023) by 2025. In 2030, ADRO also targets a balanced revenue contribution of 50:50 from its thermal coal and non-thermal coal business. Therefore, ADRO is going to push further their business in aluminium smelters, renewable energy (EBT) and metallurgical coal. Note that, ADRO produced 50.73 mn tons (+12% yoy) of coal in 9M23. (Source: Bisnis Indonesia)