SINGAPORE (June 10): Geo Energy Resources announced Wednesday that it has received approval from the Indonesian Government to increase its work plan and budget production quota for its PT Sungai Danau Jaya (SDJ) and PT Tanah Bumbu Resources (TBR) coal mines to 12 million tonnes from 8 million tonnes in 2020.
The increase in its production quota is in line with the company’s mining plan schedule, as previously disclosed in its independent qualified person’s report as at Dec 31, 2019.
The coal production for exports will be sold to Trafigura and Macquarie Bank, SDJ and TBR coal offtakers, under its existing agreements. This represents about 75% of Geo Energy Resources’ coal production, with 25% set aside to fulfil the domestic market obligation.
Geo Energy Resources’ shares closed 0.4 cents higher, or 3.2% up, at 12.8 cents.
