ITMG – To operate new mines in 2024

ITMG – To operate new mines in 2024 Indo Tambangraya Megah (ITMG) has developed several new mines this year, one of which is through Graha Panca Karsa (GPK) which has a mining business license (IUP) with a total area of 5,060 ha. From last year until 9M23, GPK has carried out land clearing and preparation of port areas and haul roads. GPK has also drilled for geotechnical sampling, engineering design, fabrication and determining potential mining sites. The preparation will continue until the mine' operation in 2024. It is expected that GPK 2024' coal production will help to increase ITMG' coal production volume with higher quality. This year, ITMG targets to produce 16.9 mn tons of coal and expects to sell 21.1 mn tons of coal. Moreover, 77% from its total sales volume target, ITMG had set the selling price, while the rest of 23% will refer to the coal price index. Note that, ITMG' net profit fell 54.6% yoy to USD405.83 mn as revenue declined 30.18% yoy to USD1.82 bn in 9M23 mainly due to lower coal prices.