The idea of the company’s establishment was initiated by the executives of the Indonesian Coal Mining Association (ICMA). In 2003, Indonesia experienced a growth of coal exports at 85.31 million tons. Recognizing the importance and the project expansion of this trend, it was decided that the time was opportune for Indonesia to produce a coal price assessment for more accurate and effective of the Indonesian coal price.
This company would maintain a shared ownership with international energy publishers, Argus Media Limited, to facilitate and reiterate its independent position in the energy pricing business.
Shareholders in Coalindo include mining firms, regional power utilities, and prominent individuals from the coal markets. Coalindo price assessments are primarily derived from its own weekly panel system that comprises a diverse number of registered and pre-qualified members. The panel membership is continually and carefully balanced between the spectrum of coal companies involved in the Indonesian coal business incorporating buyers/users, miners and traders.
For this purpose, a board which comprised of personnel from the management of ICMA was formed to take preparatory steps to establish a company tasked to handle the development, maintenance and administration of these indices.
In 2005, Indonesia’s export volumes reached 112.92 million tons, easily exceeding Australia’s export of 107 million tons. This dominant position in world coal supply, helped drive the establishment of this company.
Consequently with support from the experienced management of ICMA, particularly from Jeffrey Mulyono, Soedjoko Tirtosoekotjo and Kazuya Tanaka, PT Coalindo Energy, was officially formed in 2006 and headquartered in Jakarta, Indonesia.