Berau Coal absorbs only 71.2% of exploration budget

PT Berau Coal, a subsidiary of the giant IDX-listed coal miner PT Berau Coal Energy Tbk, spent about US$12.06 million for exploration last year, or only about 71.2 percent of the allocated budget, Bisnis Indonesia daily reported Monday.

The paper quoted the company?s report that exploration budget for December 2013 was $843,054, only half of the allocated budget.

During December, exploration activities were focused at the Binungan Block 1-4, Binungan Block 7, Sambarata Block B East, and Lati sites, all of which located in East Kalimantan.

Meanwhile, another coal miner PT Adaro Indonesia, a subsidiary of IDX-listed PT Adaro Energy Tbk, spent exploration budget of $2.46 million last year, or 90 percent of the $2.74 million budget. (*)