Altura: Delta coal mine output drops more than 51%
Friday, July 29 2016 - 02:13 AM WIB
ASX-listed Altura Mining Ltd said on Friday that production at Delta coal mine in East Kalimantan during the quarter ending June 2016 dropped by more than 51 percent to 111,558 tons compared to the previous quarter due to a relatively flat coal market.
The company, however, is hopeful that full-year production target can be met. ?The ultimate goal of an annual target of 1.5 million tons remains as long as suitable contracting capacity and sustainable contracting pricing is applied,? Altura said in a statement.
The company, which owns more than 33 percent of the Delta mine, said it has continued negotiations with various contractors in an effort to increase tonnage and reduce mining costs.
The company also said that the mine continues to focus on cost reductions and efficiency gains in order to offset historically low coal prices and provide a positive platform to maximize the extraction of the mine?s considerable coal resources.
Production and sales for the quarter were as follows:
| June 2016 Quarter Tonnes | June 2015 Quarter Tonnes | 12 months to June 2016 Tonnes | 12 months to June 2015 Tonnes | |
| Saleable coal production (100% terms) | 111,558 | 228,624 | 404,210 | 973,363 |
| Coal sold (100% terms) | 97,089 | 254,903 | 453,328 | 1,077,867 |
| Saleable coal production (Altura 33⅓% share) | 37,186 | 76,208 | 134,737 | 324,454 |
| Coal sold (Altura 33⅓% share) | 32,363 | 84,968 | 151,109 | 359,289 |
Editing by Reiner Simanjuntak