Developing its business expansion to pursue revenue growth, PT Petrindo Jaya Kreasi Tbk (CUAN) will diversify its business, namely exploration for gold minerals and silica sand. This diversification activity will be carried out by one of the newly established subsidiaries, namely PT Prima Mineral Investindo (PT PMI). This information was conveyed by the company in a press release in Jakarta, yesterday.
Director of Petrindo Jaya Kreasi, Daniel Jr. Lopez Laurente said that his party is currently conducting research on silica sand which will be used to manufacture solar panels. "In the next few months we will also explore gold minerals," he said.
Daniel said the two minerals would become the focus of CUAN's exploration in business diversification through its subsidiary PT PMI. PT PMI itself is a newly established subsidiary engaged in mineral mining.
PMI is prepared as a diversification of the coal mining business that it already owns because CUAN sees that many other minerals have new business opportunities. In addition to establishing PT PMI, CUAN also established two new subsidiaries, namely PT Kreasi Jasa Persada which is engaged in mining services with the aim of integrating mining services in the area around CUAN's IUP.
Furthermore, there is PT Green Natural Investindo (GNI) engaged in the Industrial Plantation Forest sector. GNI later aims to offset carbon emissions produced by other CUAN subsidiaries as compensation for the coal that has been mined. Meanwhile, coal, which is CUAN's main business sector, is said to be stable until the end of 2023.
Main Director of CUAN, Michael said that his party is still optimistic about coal demand until the end of 2023, even though it has experienced a correction compared to last year. This assumption has prevented CUAN from changing its production target of 1.1 million tons of coal by the end of the year. "Until now there have been no revisions, the production target is still the same until the end of 2023," explained Michael.
For information, this year PT Petrindo Jaya Kreasi Tbk through its subsidiary PT Tamtama Perkasa targets coal production and sales of up to 1 million tons. Michael conveyed that this target was in accordance with the Work Plan and Budget (RKAB) approved by the Ministry of Energy and Mineral Resources (ESDM).
He explained that the company's coal production volume as of December 31, 2022 had reached 50% of the set target. The type of coal produced by the company owned by conglomerate Prajogo Pangestu is a type of high-calorie coal, namely 6100 kcal/kg GAR with low sulfur and ash content, thus attracting many consumers.
Meanwhile, most of the coal produced by CUAN is destined for the export market with 45 percent of coal being exported to Japan. Meanwhile, other countries that are also consumers of CUAN coal are the Philippines, Taiwan, South Korea, and the European region.
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