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 DSSE Energi Mas Utama and its subsidiaries. The main mining concessions owned by GEMS and PT DSSE Energi Mas Utama 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. As of December 31, 2022, the Company through its subsidiaries owned more than 3.0 billion tons of thermal coal resources with total proven and probable thermal coal reserves of more than 1.2 billion tons.

In addition to thermal coal mining, the Company also carries out mining and trading activities for metallurgical coal through Stanmore Resources Limited through its shareholding in Golden Investments (Australia) Pte. Ltd. by Golden Energy and Resources Limited, a subsidiary of the Company. As of December 31, 2022, the number of metallurgical coal resources and marketable coal reserves of approximately 4.1 billion tons and 294 million tons respectively with a coal handling preparation plant capacity of up to 3.5 million tons per year.

The Company through subsidiaries also has been exploring the gold mining business since 2020 by forming a joint venture (50:50) with EMR Capital to invest in a gold mine in Australia, Ravenswood Gold Group Pty Ltd. As of December 31, 2022, Ravenswood Gold Group Pty. Ltd. owned 4.9 million ounces of gold resources and 2.5 million ounces of gold reserves with a gold processing facility capacity of up to 5.0 million tons per year.

The coal products of the Company and its subsidiaries have the following specifications: 

In line with the increase in production volume, coal sales volume increased from 34.3 million tons in 2021 to 50.97 million tons in 2022. Of the total volume of coal sales, 32% was allocated to meet the DMO. The realization of coal production volume and sales volume in 2022 was higher than the target set by the Company, namely 37.6 million tons and 38.6 million tons. 

In 2022, as much as 32% or around 12.3 million tons of the Company’s coal sales was allocated to meet the demand of the domestic market. Meanwhile, 68% was allocated for export markets, such as China, India, South Korea, Thailand, and the Philippines. In 2022, the Company had also succeeded in marketing its coal to Taiwan. The Company’s market share for domestic total coal production of 687 million tons is 5.6% in 2022 and 2021, respectively. [GRI 2-6-b]