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Golden Energy hits record quarterly production of 5.5 million tonnes

INDONESIAN coal miner Golden Energy and Resources Limited (GEAR) has recorded its strongest quarterly coal production output of 5.5 million tonnes in the fourth quarter of 2017.

This brings the full year's production volume to 15.6 million tonnes, which exceeds its target of 14.4 million tonnes for 2017, the firm said in an exchange filing on Thursday evening.

Meanwhile, trading of its 67 per cent owned subsidiary PT Golden Energy Mines Tbk (GEMS) on the Indonesian Stock Exchange (IDX) will be suspended before the end of February, as GEM's 3 per cent free float is below the exchange's requirements of 7.5 per cent, said GEAR.

"We intend to explore all opportunities available for GEMS to comply with the IDX's free float requirement," it said.

GEAR operates its coal mining business through GEMS and its subsidiaries. The suspension of GEMS' shares is not expected to affect its coal mining operations materially and adversely, said GEAR.

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Shares in GEAR closed 0.5 cent lower at 40 Singapore cents on Thursday, before the announcement.

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