Samindo Resources (MYOH) Boosts Mining Services Business

Low Tuck Kwong's coal company, PT Samindo Resources Tbk (MYOH) is optimistic that the mining services business will have bright prospects this year and contribute significantly to its revenue.

Corporate Secretary of PT Samindo Resources Tbk Ahmad Zaki Natsir said, referring to the government's coal production target of around 700 million tons, MYOH is optimistic that this will also have an impact on contractors, both in terms of targets imposed and new projects aimed at achieving the government's production target.

As an illustration, the Ministry of Energy and Mineral Resources (ESDM) targets this year's national coal production to reach 694 million tons. Of this amount, 457.3 million tons are allocated for the export market and 236.7 million tons for the domestic sector.

“We are targeting the volume of overburden removal to reach 35 million bcm,” Ahmad told KONTAN, Friday (15/3).

Although he did not specify the amount of new contracts targeted, a number of jobs are targeted to be obtained such as handling overbuder removal, coal getting, coal hauling and drilling.

Ahmad admitted that he is currently focusing on working on contracts that are currently running and hopes to get new contracts.

For this reason, Samindo Resources will encourage a quality system based on work safety and strengthen the availability of heavy equipment by improving the quality of the maintenance system, both in terms of human resources and the quality of spare parts.

He said, currently all four of Samindo Resources' subsidiaries have active contracts with PT Kideco Jaya Agung, the contracts vary from medium to long-term.

“So we are focused on allocating all resources to the project,” Ahmad said.

Previously, to strengthen its mining services business, MYOH completed the acquisition of 74% of PT Transkon Jaya Tbk (TRJA) shares on November 30, 2023.

Thus, Samindo officially became the new controller of Transkon Jaya. Previously, 74% of Transkon Jaya shares were owned by PT Damai Investama Sukses and PT MSJ Investama Abadi.

The acquisition by Samindo was valued at Rp 307 billion for a total of 1,117,548,000 Transkon Jaya shares. Transkon Jaya is a company engaged in the rental of 4WD vehicles, which are the main supporting transportation equipment in mining activities.

 

https://industri.kontan.co.id/news/samindo-resources-myoh-genjot-bisnis-jasa-pertambangan