The Indonesian coal producer, Bumi Plc (Bumi), has released its third quarter results, highlighting a 10% increase in coal production levels compared with Q3 2012.
Highlights of the quarterly results from production at the company’s PT Berau Coal Energy mines include:
- Third quarter production of 6.0 million t, up 10% over Q3 2012
- Year to date production of 17.5 million t, up 15.9% over 9 months to 30th September 2012
- Production cost of sales down 6% to US$ 38.1/t over 9 months to 30th September 2012
- On track to reach 2013 production target of 23 million t.
Nick von Schirnding, CEO of Bumi commented: "We remain very focussed on operational improvements and efficiencies, which is our priority in the current weak coal price environment. We have achieved a 6% cost reduction this quarter compared with last year and made further progress on a number of other cost reduction initiatives […] While coal prices have moved off their lows, the near term outlook remains challenging. Our forecasts for full year production and financial targets remain unchanged".
Adapted from press release by Katie Woodward