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European Demand Rises, Adaro Minerals (ADMR) Interested in Expansion

market.bisnis.com

Wed 12 Oct 2022, 10:00 AM

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Coal issuer PT Adaro Minerals Indonesia Tbk. (ADMR) said that there was an increase in coal demand from Europe.

Adaro Minerals Director Heri Gunawan said that his party did see an increase in demand for coal from Europe. The ongoing Russian and Ukrainian wars made European countries look back at coal as a fuel for power generation.

"Previously, Europe had reduced the use of thermal coal, but with this condition, they had to find alternative energy sources," said Heri in the ADRO and ADMR Stockbit Event, Tuesday (11/10/2022).

He continued, until now ADMR has sold a small amount of its coal to Europe, namely to Spain. In general, ADMR sells as much as 75 percent of coal for export, and 25 percent for domestic.

Historically, he continued, ADMR sold a lot of thermal coal to China, Japan, India, and Malaysia.

"The focus for ADMR is indeed the Asian market. Japan is our main customer, then China, India, then a little bit in Indonesia, in the Morowali complex," he said.

ADMR targets coal production to reach 2.8 million tons to 3.3 million tons this year. In the first semester of 2022, ADMR produced 1.5 million tons of coal, an increase of 7 percent compared to the same period last year or year-on-year (yoy) of 1.43 million tons of coal.

As for 2022, the Adaro Group, namely PT Adaro Energy Indonesia Tbk. (ADRO) targets to produce 58 million-60 million tons of coal. As of the first half of 2022, Adaro has produced 28 million tons of coal.

Source: https://market.bisnis.com/read/20221011/192/1586309/permintaan-dari-eropa-meningkat-adaro-minerals-admr-tertarik-ekspansi

Image source: market.bisnis.com

Source Link: https://market.bisnis.com/read/20221011/192/1586309/permintaan-dari-eropa-meningkat-adaro-minerals-admr-tertarik-ekspansi

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