Pursue Sales, Renuka Coalindo Targets Get Mining Permits

INDUSTRY.co.id - Jakarta - PT Renuka Coalindo Tbk (SQMI) targets to obtain a special production operation mining permit (IUP OPK). This is done to be able to pursue the sale of coal reaches 600,000 tons.

Last year, the company said it has acquired a new contract to export coal, but unfortunately this export is constrained because the company has not obtained the IUP OPK permit.

"We have taken care of the licenses after the permit issued, we just can export," said Director of PT Renuka Coalindo Tbk, Shantanu Lath at BEI Building, in early June.

Therefore, this year the company is optimistic to export to major buyers of coal produced by the company, Shree Group Renuka Sugars Limited, India.

Shantanu said this year the company will focus on coal trading business after selling its assets in Jambi Prima Coal and Surya Global Makmur.

SQMI once achieved the highest coal sales figure of 1.2 million tons in 2012. Unfortunately, when the price of coal commodities declined, the company lost and decided to sell its mining assets.

For the fiscal year 2016-2017, the company said net sales of US $ 4.38 million, which decreased by 40% compared to revenue in the fiscal year 2015-2016 worth US $ 7.30 million.

In addition, the company obtained a net profit of US $ 527 thousand from the sale of its assets, while for the year 2015-2016 the company still suffered loss of US $ 1.76 million.

Currently, the company's total assets are worth US $ 479 thousand for the year 2016-2017, decreased from US $ 10.94 million in 2015-2016.