Pursuant to Golden Energy’s (“GEAR”) compliance placement at $0.670, GEAR has not closed above $0.670 since its debut on 12 Dec 2016. In fact, GEAR has slumped 21% from $0.655 on 12 Dec 2016 to $0.520 on 17 Feb 2017. This underperformance is even more glaring as compared to +24% appreciation in Geo Energy’s share price over the same period. Is GEAR a laggard coal play? Let’s take a look at some of the possible investment merits and risks. Investment merits Targeted surge in targeted production volume GEAR has four mining concessions with the largest mining concession in BIB mine in South Kalimantan. Based on the mining schedule in BIB’s IQPR report, subject to the Indonesian Government’s approval, GEAR is ramping up its production by 40% from 7.1m tonnes / year in 2016 to 12m tonnes / year in 2017. This is expected to ......