In 2023, Adaro produced 65.88 million tons of coal, marking a 5% increase compared to the previous year's output of 62.88 million tons. While the company's main Tabalong mine experienced a slight 1% decline in production, this was offset by higher output from the Balangan and Mustika Indah Permai concessions.
Sales also saw a notable uptick, reaching 65.71 million tons, a 7% increase from the previous year's figure of 61.34 million tons. This growth was primarily driven by heightened sales of high-calorific value thermal coal products, which surged by 26% to 16.71 million tons from 2022's 13.24 million tons. Thermal coal sales accounted for 61.25 million tons, while metallurgical coal sales rose to 4.46 million tons from 3.2 million tons.
Adaro's largest export market remained China, constituting 21% of total sales, followed by India at 12%. Meanwhile, domestic sales remained robust, comprising 25% of the total, enabling Adaro to meet its domestic market obligation quota for the year.
Despite the strong performance in sales, revenues decreased in 2023, attributed to a 26% decline in coal prices to $96.14 per ton from $129.38 per ton in 2022.
PT Adaro Energy Indonesia Tbk. aims to reach coal production of around 67 million tonnes in 2024, representing a modest 1.7% rise compared to the achieved production in the previous year.
Adaro's management specified that the sales volume objective spans between 65 million and 67 million tonnes, encompassing 61-62 million tonnes of thermal coal. Additionally, it includes approximately 4.9-5.4 million tonnes of metallurgical coal sourced from its subsidiary, PT Adaro Minerals Indonesia Tbk.
As Indonesia's second-largest coal producer, trailing only behind PT Bumi Resources Tbk., Adaro's annual coal production typically ranges from 80 to 90 million tonnes.
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