ITMG - Allocates IDR1.35tn capex in 2024

ITMG - Allocates IDR1.35tn capex in 2024 Indo Tambangraya Megah (ITMG) plans a substantial increase in capex for 2024, doubling its investment to USD88 mn (IDR1.35 tn) for enhancing investment in coal business. This capex aimed to be used to develop new mines, particularly Graha Panca Karsa (GPK), set to start coal production next year will contributing to increased overall production. The allocated funds will not only support mine development but also utilized for infrastructure needs like port construction and transportation enhancements, especially at Trubaindo Coal Mining and Bharinto Ekatama. Additionally, ITMG is focusing on expanding production capabilities, particularly at the jetty port, and continuing its solar panel projects through subsidiaries Cahaya Power Indonesia and Suryanesia. Amidst this, ITMG achieved a 9% increase in production volume during the 9M23, reaching 13.4 mn tons, surpassing set targets due to favorable weather conditions and effective operational management. Notably, ITMG sales volumes in 9M23 reached 15.3 mn tons, with significant portions exported to China, Japan, the Philippines, Thailand, and other countries across the Asia Pacific and Europe. (Source: Investor Daily)