Adaro Energy on track to reach 2014 targets

Adaro Energy has released Quarterly Activities Report for the second quarter of 2014.

Highlights

• Adaro produced 13.84 million t during the quarter. The company is on track to achieve its production guidance of 54 million t – 56 million t for 2014.
• The company continued to see solid demand for coal during the quarter. Adaro sold 14.47 million t, a 4% increase compared to the previous year.
• During the quarter, Adaro started commercial production at Balangan Coal with 53,274 t sold to a customer in Thailand. The company expects to complete revised estimates of resources and reserves in accordance with JORC by the end of 2014.

Outlook

Adaro released the following statement:

“Our focus in 2014 remains to improve efficiency and productivity of our operations, maintain a reliable coal supply to our customers and continue to preserve our strong balance sheet.

“We are working hard with our contractors and partners to strive for cost efficiency and use capital more carefully to support our operations. Despite the current weakness in the coal market, we remain on track to achieve our annual targets and long-term objective of creating maximum sustainable value from Indonesian coal.”

Adapted from press release by Katie Woodward

Read the article online at: https://www.worldcoal.com/coal/05082014/adaro-energy-q2-2014-results-1167/