Atlas Resources to increase coal output in S. Sumatra to 2.5m tons
Tuesday, December 9 2014 - 02:29 AM WIB
IDX-listed coal mining company PT Atlas Resources plans to increase coal production at its Hub Muba concessions in South Sumatra to 2.5 million tons next year, according to presentation materials seen Tuesday.
The company, however did not provide comparative figure, and the total production target for next year.
The Hub Muba concessions, with combined area of 41,000 hectares in Musi Banyuasin and Musi Rawas regencies, are the company?s largest producing coal asset.
Aside from the Muba concessions, Atlas Resources also operates two concessions with combined area of 15,000 ha in Kutai Barat Regency, East Kalimantan (Hub Kubar); two concessions with combined area of 2,500 ha in Kutai Kartanegara, East Kalimantan (Hub Kukar); four concessions with combined area of 20,000 ha in Berau Regency, East Kalimantan (Hub Berau); and three other concessions with combined area of 23,840 ha in Ogan Komering, South Sumatra (Hub Oku).
Elsewhere, the company?s presentation revealed that coal production in the third quarter of this year tumbled to 448,906 tons compared to 1.34 million tons in the same period of last year.
Sales volume during the quarter also plunged to 607,856 million tons, compared to 1.52 million tons, said the company, whose export markets including China, Taiwan, South Korea, Japan, Malaysia, Philippines, and Thailand.
As a result, Atlas Resources? net loss during the third quarter of this year widened to $16.14 million from $11.70 million in the third quarter of last year as revenue plunged to $27.32 million from $88.04 million.
Editing by Reiner Simanjuntak