Berau coal miss 2002 production target
Thursday, January 16 2003 - 03:28 AM WIB
East Kalimantan-based coal mining firm PT. Berau Coal said Wednesday it managed to produce 6.9 million tons of coal in 2002, lower than its revised production target of 7.5 million tons, but slightly higher than 2001 production of 6.750 million tons.
Company president Jeffrey Muljono said Berau Coal miss production target because the company reduce spot sales which gave unfavorable prices.
In 2003, said Jeffrey, the company targeted to produce some 8 million tons.
Berau Coal is 60 percent owned by heavy equipment maker United Tractors (UT) and 30 percent Armadian Tritunggal. The remaining 10 percent is owned by Japan?s trading powerhouse Nissho Iwai. UT has been trying to sell its entire stake at Berau Coal to pay for its maturing debts.(alex/godang)