Soaring Coal Prices Fuel Shares Of Indonesian Coal Company, Mints New Billionaire

Australia’s Newcastle thermal coal benchmark futures for December 2022 jumped 181% to $330 a tonne on Tuesday from $117.55 a tonne in the past year. The price hit an all-time high of $442.8 a tonne on September 21.

As a result of the soaring price, Prima Andalan Mandiri posted revenue of $746.5 million in the first nine months of 2022, almost double from the same period a year earlier, while its net profit was $256.2 million, up from $129.1 million. Tight supply due to the wet season in Australia, strong demand from India and the energy crisis in Europe have propelled coal prices globally this year, according to a Fitch Ratings report. Jonathan Guyadi, an analyst at Samuel Sekuritas Indonesia, said in an October report that “coal may remain elevated for a while” due to extreme weather conditions till early next year that would affect coal production, increased demand during the winter season and Russia’s war in Ukraine.

Amid rising prices, the Indonesian government has set the national coal output this year at 663 million tonnes, up 8.7% from 610 million tonnes in 2021, with 25% allocation for the domestic market. In response to this target, Indonesian coal companies, including Prima Andalan Mandiri, also pumped up their productions. In 2021, Prima Andalan Mandiri produced 7.5 million tonnes of coal, or a 25% increase from 2020. By end of this year, the company expects to produce 9.5 million tonnes of coal.

Prima Andalan Mandiri listed on the Indonesia Stock Exchange in September last year by offering 355.5 million shares, or 10% of the company, for 504.9 billion rupiah. The proceeds were used for additional paid-up capital in its subsidiary Mandala Karya Prima, which later used the capital for purchasing heavy equipment and working capital.

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A company aims to power the world for millions of years by digging the deepest holes everA company called Quaise Energy wants to melt rock with X-rays and repurpose coal and gas plants into deep geothermal wells. All fine and dandy until Earth's core temperature drops too low and you have to travel to the 'Core' in a special vessel that bores it's way to the Core and sets off nuclear bombs and you barely escape.....!!!!, lol This is ominous in that indications of the start of a crack in the planet may result. Not immediately although multiple fissures could join together. More importantly, where deep oceans, if breeched meet molten core, the planet will begin to split, fracture, or become unlivable. You what now?
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