The Company carries out its business activities in thermal coal mining and trading through PT Golden Energy Mines Tbk (GEMS) and its subsidiaries, as well as PT Andalan Satria Lestari and its subsidiaries. The main mining concessions owned by GEMS and PT Andalan Satria Lestari and their subsidiaries are located in South Sumatra, Jambi, Central Kalimantan and South Kalimantan. The Company and its subsidiaries have obtained the licenses required to carry out coal mining activities.
In addition to thermal coal mining, the Company also carries out mining and trading activities of metallurgical coal at Stanmore Coal Limited through the ownership of Golden Investments (Australia) Pte. Ltd. by Golden Energy and Resources Limited, the Company’s subsidiary. In 2020, the Company through its subsidiaries had begun exploring the gold mining business by forming a joint venture with EMR Capital to invest in a gold mine in Australia, Ravenswood Gold Group Pty Ltd.
In carrying out its business activities in the coal mining and trading sector, the Company always supports and strives to comply with the ESDM policy on DMO, which is at least 25% of total coal production. To support coal sales in the domestic market, the Company has entered into long-term sales contracts with PLN and several other customers.
In 2020, 35% of the Company’s coal production was allocated to meet the needs of the domestic market. As much as 65% was then allocated to export markets in several Asian countries, such as China, India, and South Korea.
The Company through its subsidiaries seeks to balance its market portfolio by expanding to new coal markets and customers. The Company will continue to strive to strengthen its market of thermal coal, both to domestic and international markets, as well as to expand its market to India, Malaysia, the Philippines, Vietnam, Thailand and other new markets in Asia, such as Pakistan, Singapore, and Cambodia.