Borneo Lumbung?s coal output lower than target

By Cepi Setiadi

Courtesy of Borneo Lumbung

IDX-listed hard coking coal mining company, PT Borneo Lumbung Energi & Metal Tbk stated that production last year was 1,040,000 tons, lower than the 1.8 million target.

But Borneo's Director, Kenneth Raymond Allan told Petromindo.com on Monday that this was the best output the company could make last year as it suspended production in March and only resumed in July.

Borneo through subsidiary PT Asmin Koalindo Tuhup (AKT) suspended production as it was in the process of completing the debt postponement petition (PKPU process) with the creditors. Production was supposed to resume in April, but was postponed as key creditors including Standard Chartered and Noble Resources filed petitions for cassation with the Supreme Court.

Borneo initially set production target of last year at 1.8 million tons. AKT operates coal concession in Muara Raya Regency, Central Kalimantan.

Editing by Reiner Simanjuntak