As described by Chew in his Sept 26 note, construction of the 92 km hauling road and jetty in South Sumatra is 30% completed and on schedule.
Paul Chew of PhillipCapital has kept his 'buy' call and raised his target price for Geo Energy Resources to 59 cents from 47 cents, after he reduced the discount previously applied on his valuation model.
Besides running coal mines, the Indonesia-based company is building a haul road and is acquiring other infrastructure assets to make its operations more efficient, along with boosted production capacity.
