ITMG – Business transformation into a non-coal business

ITMG – Business transformation into a non-coal business Indo Tambangraya Megah (ITMG) is transforming its business through expansion in non-coal, such as new and renewable energy projects and expansion into mineral commodities. Nickel is one of the critical minerals whose development is being monitored. ITMG also expanding the business in the electricity sector by starting to develop solar PV and plan to develop hydropower next. Moreover, ITMG is still focused on developing coal production. Note that, ITMG produced 9.3 mn tons of coal (+14% yoy) in 1H24 from the target of 19.5-20.2 mn tons this year. ITMG will boost production in 3Q24 by 5.6 mn tons of coal to support the prediction of an increase in sales volume in 2H24. ITMG has posted sales of 10.8 mn tons of coal (+9% yoy) in 1H24 from a target of 24.9-25.6 mn tons in 2024. It is projected that global coal prices will remain at the level of USD125-145 per ton in 2H24. (Source : Kontan)